Significant Rise in Cryptocurrency Fraud in 2023

Cryptocurrency scams saw a notable increase in 2023,
with consumers losing over $5.6 billion,
a 45% rise compared to the previous year.
The surge in prices attracted scammers on a large scale.

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Reasons Behind the Rise in Fraud

Major Types of Fraud and Their Financial Impact

Reasons Behind the Rise in Fraud

In 2023, the cryptocurrency market rebounded after a significant decline in 2022.
With the rising value of digital currencies like Bitcoin, investor interest grew, attracting scammers.
Bitcoin’s value doubled in 2023 and continued to rise by about 35% in 2024.
This rapid market recovery made cryptocurrencies more appealing to criminals
who took advantage of the situation to deceive investors and steal their funds.

Major Types of Fraud and Their Financial Impact

According to the FBI report, investment scams related to cryptocurrencies were the most common,
accounting for approximately 71% of total financial losses.
These scams targeted investors eager for quick profits through fraudulent projects.
Additionally, scams involving call centers, such as impersonating government officials,
contributed to around 10% of total cryptocurrency losses.
While cryptocurrency-related complaints made up only 10% of total financial fraud reports,
they represented nearly half of the total financial losses.

Significant Rise in Cryptocurrency Fraud in 2023

Significant Rise in Cryptocurrency Fraud in 2023

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