FBI's First Cryptocurrency Fraud Report Reveals Pennsylvania Among Top States for Losses

PITTSBURGH (KDKA) - The Federal Bureau of Investigation (FBI) has released its inaugural cryptocurrency fraud report, highlighting Pennsylvania as one of the states significantly impacted by these scams. In 2023, the FBI reported staggering losses exceeding $5.6 billion nationwide due to cryptocurrency-related fraud.

In Pennsylvania, the situation is particularly concerning, with the state ranking 8th in the number of complaints filed—totaling 1,773—and 9th in financial losses, which surpassed $123 million. This alarming trend underscores the growing prevalence of investment scams linked to cryptocurrency, alongside other types of fraud such as tech support scams, data breach scams, and romance scams.

The FBI's findings indicate that the decentralized nature of cryptocurrency, combined with the rapidity of global transactions, makes it an appealing target for criminals. This creates significant challenges for law enforcement in recovering stolen assets. The FBI urges individuals to remain vigilant against potential scams, emphasizing that scammers often create a false sense of urgency and isolation to manipulate victims. Additionally, they may use deceptive websites that imitate legitimate financial institutions or promote dubious mobile apps as investment tools.

A critical reminder from the FBI is that no legitimate law enforcement agency will ever contact individuals to request payment in cryptocurrency. For more detailed insights, the full cryptocurrency fraud report is available on the FBI's official website.