Crypto Scams In US Reach $5.6 Billion In 2023, Says FBI; India Ranks 5th In Complaints With $44 Million Loss

Bhubaneswar: Crypto scams touched a new high in 2023, costing users and businesses $5.6 billion in the United States, the Federal Bureau of Investigation (FBI) said in a report. FBI received more than 69,000 complaints of crime and financial fraud involving cryptocurrencies.

The FBI report said that India received 840 complaints with a reported loss of over $44 million. The US figured at the top of the list both in the number of frauds and the value of reported loss. India figured at fifth place in the number of complaints received and at the 6th place in the reported value of the loss.

“Criminal actors exploit cryptocurrencies for all schemes, including tech support, confidence and romance, investment, and government impersonation scams. Investment fraud was the most reported cryptocurrency scheme in 2023 and also saw the most reported losses, with about $3.9 billion lost,” a press release from the FBI said.

Regarding the number of complaints received, Canada, the UK, and Nigeria were placed in second, third, and fourth place. Regarding the value of reported losses, the Cayman Islands, Mexico, and Canada are featured in the second, third and fourth positions.

India blocked the websites of nine major offshore crypto exchanges for failing to get registered with the Financial Intelligence Unit (FIU) in December 2023. Some of these crypto exchanges have subsequently registered with FIU and received the approval to operate in India. Recently, FIU said it is reviewing four more proposals for approval for those banned in December 2023.