The FBI reports over $5.6 billion in losses from cryptocurrency scams last year

EL PASO, Texas (KVIA) – FBI El Paso’s Cybersecurity Awareness Month campaign continued Wednesday with a session on cryptocurrency fraud.

In 2023, the FBI’s Internet Crime Complaint Center (IC3) received more than 69,000 complaints related to cryptocurrency-related cybercrimes and financial fraud.

The complaints amount to more than $5.6 billion in reported losses.

The FBI’s 2023 Cryptocurrency Fraud Report says criminals are exploiting cryptocurrencies because they are “decentralized and distributed, which can provide a secure method of transferring value.”

Cryptocurrencies are often irrevocable transactions that expire quickly.

Because it allows transfers abroad, “law enforcement in the U.S. could face significant challenges when pursuing cryptocurrencies that enter other jurisdictions, particularly those with lax anti-money laundering laws or regulations.”