FBI: Reported cryptocurrency losses reached $5.6 billion in 2023

FBI IC3’s 2023 report highlights a record $5.6B in cryptocurrency fraud losses across nearly 70,000 complaints (up 45% YoY), dominated by investment scams—especially “pig butchering”—with U.S. victims losing $4.8B (California highest); notable schemes include liquidity mining, fake blockchain gaming apps, and fraudulent crypto recovery services, and the report advises verifying platforms and identities, being skeptical of “too good to be true” promises, segregating wallets, reviewing token allowances, and avoiding upfront-fee recovery and suspicious liquidity pools.