DETROIT – New statistics from the FBI revealed that Michiganders lost $126,330,606 in cryptocurrency scams last year.
The amount has gone up roughly 63% over the $79,894,360 lost in Michigan in 2023.
The agency compiled and analyzed data from all reported cryptocurrency complaints in 2024. There were 149,686 complaints nationally in 2024, more than double the roughly 69,000 in 2023.
While the amount of cryptocurrency scams reported represented only about 17% of the total number of fraud complaints, cryptocurrency fraud accounted for almost 60% of all losses in 2024.
More than $9.3 billion was lost nationally due to cryptocurrency scams in 2024, a 66% increase from 2023.
Authorities believe those numbers could actually be higher due to a lack of reporting.
The full report from the FBI can be read at the bottom of the page.
The data showed that Michigan was ranked No. 17 nationally for the number of cryptocurrency complaints with 3,009 (more than double 2023’s number) and No. 18 for monetary losses with $126,330,606.
Michigan lost $79,894,360 in crypto scams in 2023.
The top three states for the number of complaints and financial losses were California, Texas and Florida, which reported nearly a collective $3 billion loss in 2024.
Why is cryptocurrency used for scams and fraud?
The report details that criminals like to use cryptocurrency due to its decentralized nature, which eliminates the need for financial intermediaries and allows for secure, rapid and irrevocable transactions. They can happen anywhere with the use of a private key and an internet connection.
While these transactions are permanently recorded on public blockchains, tracking becomes challenging when cryptocurrency moves to exchanges overseas -- especially in jurisdictions with weak anti-money laundering regulations.
