Crypto and Digital Asset Fraud: $5.6B Lost in 2023

FTC reports $5.6 billion in cryptocurrency fraud losses in 2023, an 11x increase from $0.5 billion in 2019. Investment scams, known as pig butchering, account for 46% of all losses with a median loss of $4,800 per victim.

Older victims lose disproportionately more: median $18,600 for those 70+ vs $1,800 for 18-29 year olds. Social media and dating apps are the initial contact point for 46% of crypto scams. Only 3.2% of losses are recovered.

Analysis based on FTC Consumer Sentinel Network, FBI IC3 2023 report, and CFTC enforcement data.