TL;DR:
- Crypto fraud losses in the U.S. reached $11.366 billion in 2025, a 22% increase compared to the $9.3 billion recorded in 2024.
- Adults over 60 lost $4.432 billion, nearly 40% of the total, and led losses from cryptocurrency ATM fraud.
- Investment-related scams accounted for approximately $7.228 billion, and AI-linked complaints surpassed $893 million in losses.
The FBI’s Internet Crime Complaint Center (IC3) published its annual report. It details that crypto fraud losses in the United States reached $11.366 billion in 2025, marking a new record and a 22% increase from the previous year. The agency received 181,565 complaints related to digital assets, 21% more than in 2024, with an average loss of $62,604 per victim.
Investment-related scams were the primary source of losses, registering approximately $7.228 billion, a jump of 25% compared to the prior year. Complaints in that category grew by 48%, reflecting both a greater operational scale and increasing sophistication among fraudsters.
Adults Over 60: the Prime Target of Crypto Scammers
Adults aged 60 or older were targeted by a disproportionate share of the scams: they filed 44,555 complaints and recorded losses of $4.432 billion, nearly double the $2.139 billion suffered by victims in their 50s. In 2024, that group had lost $2.8 billion, representing roughly 30% of the total; in 2025 the figure climbed to 40%, even though this segment makes up only 17% of the U.S. population.
Scams involving cryptocurrency ATMs also surged: 13,460 complaints generated $389 million in losses, a 58% increase compared to 2024. Of that total, $257.4 million corresponded to victims over 60. Stefan Muehlbauer, head of government affairs at CertiK, warned that by the time a victim reaches a kiosk they are already under the psychological control of the scammer, and that regulations are a necessary but insufficient barrier on their own.
Regulation and Adaptation Among Fraudsters
California was the state with the highest losses, surpassing $2.099 billion, followed by Texas with $1.016 billion and Florida with $914.5 million. Ari Redbord, global head of policy at TRM Labs, estimated that global fraud losses amount to roughly $35 billion and that only 15% of victims file formal complaints.
The FBI’s “Operation Level Up” notified more than 8,000 victims and prevented losses exceeding $500 million, including $225.9 million in 2025. Redbord warned that the operations behind these schemes are becoming increasingly sophisticated and are incorporating artificial intelligence, meaning fraud volumes will continue to grow even as new regulations advance.
