FBI Reveals $5.8bn in Crypto Scam Losses for 2024

A chilling exposé of digital deception! the FBI’s 2024 Cryptocurrency Fraud Report, released April 22, 2025, disclosed that crypto investment scams siphoned a staggering $5.8 billion from victims worldwide, a 45% spike from 2023’s $3.96 billion.

 The report, cited by TheCable, detailed 23,000 complaints to the FBI’s Internet Crime Complaint Center, with investment scams—promising sky-high returns via fake trading platforms—accounting for 86% of losses. Nigeria, a crypto hub with 33% adoption, saw thousands fall prey, lured by Ponzi schemes mimicking legitimate exchanges.

The FBI highlighted tactics like “pig butchering,” where scammers build trust over months before vanishing with funds, costing victims $2.7 billion. Elderly investors over 60 lost $1.9 billion, while Nigerians faced scams via WhatsApp and Telegram. 

The report urged vigilance, noting only 15% of stolen funds were recovered, despite FBI seizures of $400 million in crypto assets. In Nigeria, the EFCC’s 2024 crackdown on Binance reflects efforts to curb fraud, yet weak cybersecurity, per Chatham House, fuels vulnerabilities. The FBI’s advisory—verify platforms, avoid unsolicited offers—resonates as Nigeria’s 26.5% inflation drives risky investments, per the IMF.