The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) released its annual report on cryptocurrency scams and fraud in India in 2024. The report, published on April 23, revealed that the IC3 received over 140,000 complaints related to cryptocurrency, leading to approximately $9.3 billion in losses. Individuals over the age of 60 were the most impacted, accounting for around 33,000 complaints and $2.8 billion in losses. The report highlighted that fraud was the main reason for the reported losses, with ransomware being a significant threat to critical infrastructure. Losses had surged by 66% compared to the previous year, reaching $9.3 billion in 2024. The most common scams included crypto investment schemes, “sextortion” schemes, and fraudulent activities involving crypto ATMs. In February, the FBI’s “Operation Level Up” saved potential victims around $285 million. However, Chainalysis warned that the use of generative AI could lead to an increase in scams in 2025. Globally, illicit crypto volume in 2024 was estimated at $41 billion, with a quarter of the funds associated with illegal activities. Notable incidents included the $1.4 billion stolen from the Bybit exchange and North Korean hackers siphoning over $1.3 billion. This data underscores the need for increased vigilance and security measures in the cryptocurrency space to protect investors from fraudulent activities.