FBI reports over $5.6 billion in losses in cryptocurrency fraud over last year

EL PASO, Texas (KVIA) -- FBI El Paso's Cybersecurity Awareness Month campaign continued Wednesday with a session on cryptocurrency scams.

In 2023, the FBI’s Internet Crime Complaint Center (IC3) received more than 69,000 complaints related to cyber-enabled crime and financial fraud involving cryptocurrency.

The complaints totaled more than $5.6 billion in reported losses.

The FBI's Cryptocurrency Fraud Report for 2023 states that criminals exploit cryptocurrency because it is "decentralized and distributed, which can offer a secure method to transfer value."

Cryptocurrency often involves irrevocable transactions that move quickly.

Since it allows overseas transfers, "U.S. law enforcement may encounter significant challenges when following cryptocurrency that enters other jurisdictions, especially those with lax anti-money laundering laws or regulations."