Wisconsin Residents Suffered $35 Million Losses from Cryptocurrency Scams in 2023

In a startling revelation, the FBI has reported that residents of Wisconsin lost over $35 million to cryptocurrency scams in the past year. This alarming statistic is part of a broader national trend, with victims across the United States reporting losses exceeding $5.6 billion in 2023 alone, marking a staggering 45% increase from the previous year.

The report highlights that nearly $4 billion of these losses were attributed to crypto-related investment scams, a significant rise from $2.57 billion in 2022. This marks the first time the FBI has released a report specifically focusing on fraud related to cryptocurrency, emphasizing the growing concern surrounding this issue.

Wisconsin ranks 25th among states for reported cryptocurrency fraud, with over 700 complaints filed. While the majority of victims are aged 60 and above, the report indicates that individuals in their 20s, 30s, and 40s are also falling prey to these scams, underscoring that anyone can be a target.

The FBI is urging the public to be vigilant and report any instances of cryptocurrency fraud promptly to aid in the recovery of stolen funds. In addition, they recommend staying informed about potential scams through resources like the Consumer First Alerts, where experts like Tammy Elliott provide valuable advice on avoiding scams, particularly those related to cryptocurrency investments.

As a reminder, the Federal Trade Commission warns that legitimate businesses will never demand payment in cryptocurrency. If you encounter pressure to invest or a deal that appears too good to be true, it is likely a scam. Stay safe and informed to protect your finances.