FBI issues first cryptocurrency fraud report, Pennsylvania named among states with most money lost

PITTSBURGH (KDKA) – The Federal Bureau of Investigation has issued its first-ever cryptocurrency fraud report and Pennsylvania ranked among the states with the highest number of complaints and money lost. 

Overall, the FBI said that more than $5.6 billion in estimated losses occurred in 2023 in connection with cryptocurrency. 

Here in Pennsylvania, the commonwealth ranked 8th among stats for the number of complaints with 1,773, and 9th in money lost with a total of more than $123 million. 

The FBI’s data showed that in 2023 investment scams that were linked to cryptocurrency were among the most pervasive along with tech support scams, data breach scams, and romance crimes. 

They added that the decentralized nature of cryptocurrency and the speed of transferring value around the world makes “cryptocurrency an attractive vehicle from criminals and creates unique challenges in recovering stolen funds.” 

They’re warning people to be vigilant when contacted by potential scammers, saying that criminals will try to create a sense of urgency and isolation when they make contact. The scammers also have been known to use websites that mimic real financial institutions in order to project a sense of legitimacy, as well as use suspicious-looking mobile apps for investment tools. 

Finally, they said that no law enforcement will ever call citizens and ask for payment in cryptocurrency. 

You can read the FBI’s full cryptocurrency fraud report on their website at this link.