Cryptocurrency as a Payment Method in Scams
Reported fraud losses where victims paid using cryptocurrency, drawing on FTC Consumer Sentinel and FBI IC3 data for 2024.
Last reviewed: 1 June 2026
Cryptocurrency has become one of the most damaging payment methods in fraud, combining irreversibility, pseudonymity, and high median transaction values. Both the FTC and FBI IC3 track cryptocurrency as a separate payment category.
FTC figures cover US consumer reports; FBI IC3 cryptocurrency figures are broader, covering all crypto-related internet crime complaints received in the US.
Key figures
$9.3 billion across nearly 150,000 complaints — a 66% increase on 2023
Total cryptocurrency fraud losses reported to the FBI IC3 (2024)
Source: FBI Internet Crime Complaint Center (IC3) 2024 Annual Report (2024)
$5.8 billion — the largest single crime type within cryptocurrency fraud
Cryptocurrency investment fraud losses (FBI IC3 2024)
Source: FBI Internet Crime Complaint Center (IC3) 2024 Annual Report (2024)
$1.42 billion, with a median individual loss of $5,400 in H1 2024
Reported losses paid by cryptocurrency (FTC 2024)
Source: FTC Consumer Sentinel Network Data Book 2024 (2024)
More than $65 million, with a median loss of $10,000 per report
Bitcoin ATM fraud losses in the first half of 2024 (FTC)
Source: FTC Data Spotlight: Bitcoin ATMs — A payment portal for scammers (September 2024) (2024)
About 71% of reported Bitcoin ATM losses — $46 million out of $65 million
Adults 60 and over: share of Bitcoin ATM losses (FTC, H1 2024)
Source: FTC Data Spotlight: Bitcoin ATMs — A payment portal for scammers (September 2024) (2024)
Key takeaways
- The FBI IC3 recorded $9.3 billion in cryptocurrency-related fraud losses in 2024, a 66% jump from 2023.
- Cryptocurrency investment fraud alone accounted for $5.8 billion of that total — the single largest crime category tracked by IC3.
- FTC data show that victims paying via cryptocurrency lose a median of $5,400, more than ten times the overall median loss.
- Older adults (60+) bore approximately 71% of reported Bitcoin ATM fraud losses in the first half of 2024.
Frequently asked questions
Why do scammers prefer cryptocurrency payments?
Cryptocurrency transactions are typically irreversible once confirmed on the blockchain. They are pseudonymous, crossing jurisdictions without conventional banking oversight, and can be moved quickly through multiple wallets to complicate recovery. Once funds leave a victim's wallet to a scammer-controlled address, recovery is extremely rare.