Crypto Catastrophe: FBI Reports $5.6 Billion Lost in 2023 Fraud Frenzy
The FBI reports a record year for cryptocurrency fraud in 2023, with losses surpassing $5.6 billion. Investment fraud led the charge, accounting for 71% of the total. The biggest losers? California, Texas, and Florida. Remember, if it sounds too good to be true in the crypto world, it probably is!
Hot Take:
Looks like 2023 was the year many people’s crypto dreams went up in smoke faster than you can say “Bitcoin Bubble!” With $5.6 billion in losses, it seems like everyone’s favorite decentralized currency turned into decentralized despair.
Key Points:
- 2023 saw $5.6 billion lost to cryptocurrency fraud, a 45% increase from the previous year.
- Investment fraud accounted for 71% of the total losses.
- U.S. citizens bore the brunt with $4.8 billion in losses.
- California led U.S. states in losses, with over $1.1 billion lost.
- Fraud trends included “pig butchering,” fake gaming apps, and cryptocurrency recovery scams.
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