The Federal Bureau of Investigation (FBI) has reported a sharp increase in losses due to cryptocurrency-related investment fraud.
according to Recent report by FBIinvestment losses related to cryptocurrencies increased from $2.57 billion in 2022 to approximately $3.94 billion in 2023, an astonishing 53% increase.
These losses accounted for the largest portion of investment fraud in the country, accounting for approximately 86% of total investment fraud losses, which amounted to $4.57 billion annually.
The FBI has highlighted an alarming trend of victims falling prey to cryptocurrency scams, lured by promises of large returns on their investments.
“These scams are designed to lure targets with promises of huge returns on their investments,” the FBI stressed.
There is no end to the victims of romance scams.
One of the most prevalent types of cryptocurrency scams that victimize individuals is romance scams.
In this scheme, criminals adopt fake online identities, establish trust with victims, convince them to send them virtual currency, and then disappear.
Blockchain analysis firm Chainaries believes romance scams are the only Responsible for at least $374 million Cryptocurrency is suspected to have been stolen in 2023.
Phishing scams also pose a significant threat to crypto users, with more than 324,000 people falling victim to such scams in 2023, resulting in the loss of approximately $295 million in digital assets.
These scams typically trick users into revealing their wallet credentials, allowing scammers to drain their funds.
It is important to note that the rise in the number of victims of cryptocurrency fraud is not limited to the United States.
Countries around the world are grappling with similar issues.
In April 2023, the Australian Competition and Consumer Commission revealed that Australians lost A$221.3 million ($146.9 million) to investment fraud using cryptocurrencies as a payment method in 2022. I made it. This reflects a staggering 162.4% increase compared to 2021.
The rapid rise in crypto investment scams highlights the need for greater awareness and vigilance among investors and crypto enthusiasts.
Exploits remain prevalent on Web3
Last month, layer 1 blockchain tokens Shido plummets by 85% After the project's Ethereum-based staking contract fell victim to abuse.
The exploit targeting Shido comes just one day after the Serenity Shield project, a multi-chain data storage startup. became a victim I was robbed, metamask wallet.
The hack occurred on one of Serenity's wallets on BSC and allowed the perpetrators to steal approximately 6.9 million native SERSH tokens worth $5.6 million at the time of the hack.
This exploit hit the price of the native token, causing SERSH to drop from $0.565 to $0.009, a drop of almost 99%.
As reported, a bad actor stole $38.9 million From various Web3 projects in the first month of 2024.
One of the first major cryptocurrency hacks of the year occurred when Radiant Capital suffered a $4.5 million loss due to empty market exploitation.
Another affected platform, Gamma Strategies, also fell victim to a flash loan attack on January 4, shortly after the Radiant Capital incident.
of Attacks that exploit code bugsThis allowed the hackers to siphon $6.1 million from Gamma's public vaults.
