Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

FBI Report Reveals $5.6 Billion Losses from Cryptocurrency Scams in 2023

Source Livebitcoinnews

The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) released its cryptocurrency fraud report 2023, revealing that Americans lost an astonishing $5.6 billion due to crypto-related scams. This is an increase of 45% compared to the previous year.

The report reveals that a tenth of all complaints reported to the FBI involved cryptocurrency-related scams. However, as highlighted above, these complaints contributed to nearly half of the overall losses. This has brought out the adverse effects of crypto fraud, as depicted in the article.

75% of Fraud Victims Unaware They’ve Been Scammed, FBI Reports

According to the report, of the 69,000 complaints regarding cryptocurrencies, people over the age of 60 were the most vulnerable and lost about $1.6 billion. The most common type of fraud noticed was investment schemes, which constituted 70% of all cases. Other categories included call centre scams and government impostor scams, accounting for 10% of the reports.

Another disturbing fact is the possibility of labor trafficking being connected to crypto scams. People are tricked into taking jobs overseas, especially in call centres, due to ‘pig butchering’ scams. These schemes entail the development of friendly relationships with the victims before making them part with their money in fraudulent business ventures.

The other popular scams identified were play-to-earn, where users buy tokens for online games and their wallets are frozen, and fake cryptocurrency recovery services for those who have already lost their money.

James Barnacle, Deputy Assistant Director of the FBI’s Criminal Investigative Division, warned that recovering money lost through these scams is “slim.” He also shared a concerning statistic: Of the 3,000 people who have received the FBI notification about being fraud victims this year, 75% of them have no clue that they were fraud victims.

The current report demonstrates how the problem of cryptocurrency scams is becoming increasingly severe and how it is high time to address this issue more actively.

The post FBI Report Reveals $5.6 Billion Losses from Cryptocurrency Scams in 2023 appeared first on Live Bitcoin News.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

The Fed will sit still on October 28 — but 100 of 100 economists now expect a December hike A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Author Irene Q.

Oct 22, Thu

A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Gold falls to two‑month low below $4,050 as oil spikes Gold price (XAU/USD) falls to the lowest in more than two months near $4,025 during the early Asian session on Friday. The precious metal faces some selling pressure as escalating tensions in the Middle East send oil surging ahead of a Federal Reserve (Fed) policy meeting.

Author FXStreet

Oct 23, Fri

Gold price (XAU/USD) falls to the lowest in more than two months near $4,025 during the early Asian session on Friday. The precious metal faces some selling pressure as escalating tensions in the Middle East send oil surging ahead of a Federal Reserve (Fed) policy meeting.

Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - October 23, 2026 Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 23, 2026. Read on for the details.

Author Mitrade

Oct 23, Fri

Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 23, 2026. Read on for the details.

Nasdaq closes at 26,008.86 — 8.9 points above 26,000, and the credit market never blinked The Nasdaq Composite fell 2.60% to 26,008.86 on October 22, its worst session since June, as Meta sank 6.98% on 2026 capex guidance of $135–145 billion. But the equal-weight S&P 500 rose 0.73%, high-yield credit was flat and 10-year yields fell 20 basis points. This was an AI de-rating, not a risk-off event — here is the transmission chain, the 29,000 / 28,200 levels and what would prove it wrong.

Author Irene Q.

Oct 23, Fri

The Nasdaq Composite fell 2.60% to 26,008.86 on October 22, its worst session since June, as Meta sank 6.98% on 2026 capex guidance of $135–145 billion. But the equal-weight S&P 500 rose 0.73%, high-yield credit was flat and 10-year yields fell 20 basis points. This was an AI de-rating, not a risk-off event — here is the transmission chain, the 29,000 / 28,200 levels and what would prove it wrong.

Brent tops $113 on Saudi supply risk — but the diesel line in the EIA report is the tell Brent's December contract settled at $113.17 on October 22, up 4.00% and the highest close since May 4, after Saudi Arabia restricted refined-product shipments. The same session's EIA report showed crude stocks down 3.06 million barrels and gasoline down 2.95 million — but distillates built 1.68 million. That single line decides whether $113 holds: here are the data, the 108.8 / 114.0 / 119.3 levels and the two scenarios.

Author Irene Q.

Oct 23, Fri

Brent's December contract settled at $113.17 on October 22, up 4.00% and the highest close since May 4, after Saudi Arabia restricted refined-product shipments. The same session's EIA report showed crude stocks down 3.06 million barrels and gasoline down 2.95 million — but distillates built 1.68 million. That single line decides whether $113 holds: here are the data, the 108.8 / 114.0 / 119.3 levels and the two scenarios.

Popular Symbols