Financial losses "involving the use of cryptocurrency, such as bitcoin, ether or tether" last year totaled over $5.6 billion, per the agency's 2023 Cryptocurrency Fraud Report . Americans lost billions to cryptocurrency scams in 2023, according to a recent report from the United States Federal Bureau of Investigation. However, investment scams swindled Americans out of $4 billion, the highest loss by crypto crime type last year, per the FBI's report. They'll sometimes communicate with victims for months in order to gain their trust before offering so-called investment advice about cryptocurrency. And even after paying the fees, many victims aren't able to recover the bulk of what they've already lost, per the FBI's report.

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Persons: fraudsters, they're, they've Organizations: FBI, United States Federal Bureau of Investigation