Crypto Scams, Pig Butchering & Cybercrimes From The Latest FBI Report #CriptoNews

Cybercrimes and crypto scams are becoming more common. I’ll never forget the call from my friend’s uncle. He’s the type who keeps meticulous spreadsheets for everything—grocery lists, travel budgets, even holiday gifts. So when he told me he’d wired over $20,000 to what he believed was a secure cryptocurrency investment, I was shocked.

He had been targeted by a scammer who took the time to build a relationship. Over a few weeks of messages on LinkedIn and text, they pitched him a “low-risk” opportunity through a professional-looking site that mimicked a legitimate crypto exchange. Everything seemed above board—until he tried to withdraw his funds. That’s when the truth hit. There was no investment. Just a convincing scam.

The hardest part wasn’t just the loss—it was the shame. For a man who had always made smart financial decisions, this felt like a personal failure.

That call was the beginning of my deeper dive into cybercrime. I’d always assumed scams happened to people who clicked suspicious links or ignored basic security advice. But I was wrong.

The FBI Internet Crime Complaint Center (IC3) Annual Report makes it clear: cybercrime is no longer fringe. It’s mainstream, sophisticated, and deeply personal.

What Is the Internet Crime Center Report?

The FBI’s Internet Crime Complaint Center, or IC3, collects reports of cyber-enabled fraud and digital threats from individuals and businesses across the U.S. The 2024 report—marking its 25th year—paints a stark picture. Americans filed over 859,000 cybercrime complaints last year, leading to a record-breaking $16.6 billion in losses, a 33% increase from 2023​.

It’s not just the scale that’s alarming—it’s the targeting. Seniors, crypto investors, and even real estate buyers are now on the frontlines of digital deception.

When Cybercrime Gets Personal With Crypto

My friend’s uncle’s case wasn’t an anomaly. In 2024, people aged 60 and over reported 147,127 cybercrime complaints—and lost a staggering $4.9 billion, with average losses of $83,000 per person​. This age group has become a prime target, not because they’re careless, but because they often have savings, trust institutions, and may be less familiar with emerging tech like crypto wallets or fake trading platforms.

We reported my friend’s uncle’s incident to the FBI through IC3. No, we didn’t recover the money—but the process gave him back a sense of agency. He was contributing to something larger. His story became a data point in a much bigger web—helping the FBI track, disrupt, and dismantle the very networks that scammed him.

Five Lessons from the IC3 Report About Cybercrime and Crypto Scams

1. Cybercrime Is Big Business With Crypto Scams Being Top of the Chart

With $16.6 billion in losses and an average of over 2,000 complaints filed daily, online fraud has become a global, industrial-scale enterprise. This is no longer about one-off phishing emails—it’s about international scam syndicates, AI-driven identity theft, and investment schemes run like VC-backed startups. These operations are professionalized, with dedicated “customer service” reps, social media teams, and even performance bonuses for scammers who hit financial targets.

What’s more alarming is how these networks evolve faster than most businesses can defend against them. They exploit real-time market news, mimic trusted financial institutions, and even use deepfake videos to impersonate CEOs or loved ones. With tools like generative AI, criminals can now create convincing content at scale—tailoring scams by geography, language, and even personality type.

In short, cybercrime has become one of the most profitable and agile industries in the world, and it’s coming for anyone with a phone, a wallet, or a moment of trust.

2. Older Adults Are the #1 Target

Seniors experienced the most losses of any group—by far. More than 7,500 victims aged 60+ lost over $100,000 each, often through scams related to tech support, romance, or crypto investments​. These aren’t isolated incidents—they’re part of a systemic targeting of vulnerable populations.

What makes this even more troubling is how tailored these scams are. Fraudsters often use emotional manipulation, impersonate trusted institutions like Medicare or the IRS, or simulate emergencies involving grandchildren to trigger panic and urgency. Many scams are designed to isolate victims, urging secrecy or fabricating legal consequences to keep them from asking for help. With technology becoming more complex and scams more believable, seniors face a uniquely dangerous combination of high financial risk and low digital defense. It’s a crisis of trust—and it’s growing.

3. Crypto Is the New Scam Playground

The report notes a 66% increase in cryptocurrency-related losses, totaling $9.3 billion. The most affected group? Seniors​. From fake exchanges to “pig butchering” scams—a term that originated in China to describe a long con where victims are “fattened up” with affection, trust, and fabricated gains before being financially “slaughtered”—these schemes blend romance, social engineering, and investment fraud to devastating effect.

What makes these scams especially dangerous is the illusion of legitimacy. Many fraudsters now guide victims through slick platforms that mimic real crypto exchanges, complete with dashboards, “investment advisors,” and simulated gains. Victims often believe they’re seeing real-time profits and are encouraged to reinvest larger amounts. By the time they try to cash out, it’s too late—the site vanishes or stops responding, leaving them with nothing but digital dust.

Compounding the issue is the irreversible nature of blockchain transactions. Once funds are transferred, there’s no undo button. Scammers exploit the anonymity and global reach of crypto to rapidly launder stolen assets, making it nearly impossible to trace or recover funds without rapid intervention. The FBI warns that without public vigilance and proactive reporting, this wave of crypto-enabled deception will only accelerate—especially as AI tools make scams more personalized, and deepfake voices or avatars are used to impersonate loved ones or financial professionals.

Also we will have to consider AI Agents tricking AI Agents now that AI Agents have crypto wallets too!

4. Investment Fraud Tops the List

No scam type caused more damage in 2024 than investment fraud, which accounted for a staggering $6.57 billion in losses. These scams often start on social media, messaging platforms, or dating apps, where fraudsters slowly build trust through daily conversation and emotional connection. Once the victim is comfortable, the scammer introduces a “can’t-miss” investment opportunity—often involving crypto, real estate, or exclusive trading platforms. Victims are shown manipulated dashboards or phony returns to entice them to deposit more. Eventually, when they try to withdraw their funds, they’re met with delays, demands for more fees—or total silence.

What’s particularly dangerous is how professional and personalized these scams have become. Scammers often pose as successful entrepreneurs or finance professionals, using jargon, fake credentials, and even doctored LinkedIn profiles to build credibility. In some cases, they involve multiple accomplices to simulate a larger, thriving company.

The emotional grooming combined with false financial validation traps victims in a cycle of deepening commitment, making it harder to walk away. And because many people feel embarrassed or ashamed, they don’t report the fraud—allowing these operations to continue scaling unchecked.

5. FBI Interventions Are Working—But We Need to Report

There is good news. The FBI’s Operation Level Up helped notify over 4,300 victims of crypto fraud, saving nearly $286 million​. They also shut down major infrastructure used by ransomware gangs. But these successes rely on one critical input: our willingness to report.

What Can You Do About Cybercrime and Crypto Scams?

In chatting with Charles Guillemet, CTO of Ledger, he laid it out like in a consumable way.

“The recent FBI report showing that crypto crime accounts for $9.3 billion in losses in 2024 represents a deeply concerning increase from 2023. This statistic isn’t just a number—it’s a stark reminder that as our industry grows, so does the sophistication of threats targeting users and that security is never static.

At Ledger, we’ve consistently emphasized that security isn’t optional in the crypto ecosystem—it’s foundational. These figures underscore why we’ve built our entire business around secure self-custody solutions.

To avoid becoming part of these statistics, people must keep a number of things in mind.

First, prioritize hardware security. Software wallets connected to the internet remain vulnerable while hardware wallets are a crucial security barrier against remote attacks.

Second, education is essential. Many victims, particularly vulnerable populations like the elderly who lost over $2.8 billion, often don’t realize they’re being targeted until it’s too late. Understanding common scam patterns and verification processes is non-negotiable. Ledger Academy has a library of information which can help you protect yourself from scams and hacks.

Third, verification is paramount. Always verify transactions on a trusted device, never share private keys, and be extremely skeptical of investment opportunities promising guaranteed returns.

Finally, security isn’t just an issue for individuals. Institutions, corporations, government entities that control crypto assets etc. must modernise and improve their security setup too. It’s essential for these entities to use Enterprise-grade solutions to secure their funds and ensure they’re compliant, which will in turn protect user funds.

The industry must collectively raise security standards while making them accessible to everyday users – something Ledger Flex and Stax devices ensure by making them easy to use for crypto holders of every generation. These FBI statistics aren’t just a challenge—they’re a call to action to build a more secure crypto ecosystem.”

Overall, the report urges the following actions:

1. Talk to your parents. Or your grandparents. Or anyone in your circle who might be targeted. Have a real conversation about investment fraud and digital scams.

2. Bookmark IC3.gov and don’t hesitate to report anything suspicious. It’s fast, secure, and it helps the FBI connect the dots across incidents.

3. Watch for emotional manipulation. Many scams—especially romance and emergency fraud—are designed to bypass logic and prey on urgency or loneliness.

4. Don’t assume you’re too smart to fall. My uncle is sharp, educated, and detail-oriented—and still got caught. These scams are engineered by professionals, not amateurs.

5. If you or someone you know has been scammed, don’t stay silent. Shame is the scammer’s most powerful weapon. The more we talk, the more we disarm them.

What’s Next for Those Who Want to avoid Cybercrimes and Crypto Scams

Crypto scams aren’t just a side effect of digital life—they’re a defining threat of our time. And the IC3 report isn’t just a government document. It’s a warning shot—and a call to action.

Because behind every data point is a real person. A father. A friend. A future that could have been protected, if only we’d known what to look for.

Let’s make sure next year’s report tells a better story.

We’re entering a new era where digital trust is the currency of safety. Whether it’s how we invest, communicate, or protect our identities, the choices we make now will define whether we fall victim—or stay empowered. That means pushing for smarter security tools, demanding transparency from platforms, and staying alert to evolving threats. It also means building a culture where talking about scams isn’t taboo, but essential.

Because in the end, the fight against cybercrime and crypto scams isn’t just technical—it’s deeply human so let’s lead with awareness, empathy, and action.