Americans lost $5.6 billion to cryptocurrency scams in 2023, marking a 45% increase from the previous year, according to a report by the FBI. The report highlights that nearly 70,000 complaints were received, with investment fraud accounting for 71% of the total losses, amounting to $3.96 billion. The decentralized nature of cryptocurrencies, particularly Bitcoin, has made them attractive targets for cybercriminals. The Federal Trade Commission also noted a 1,000% increase in Bitcoin ATM scams since 2020, contributing to the overall rise in cryptocurrency fraud. The FBI's Internet Crime Complaint Center emphasized the need for increased awareness and protective measures against these scams. Crypto was involved in 87% of all reported investment fraud losses, and older Americans lost $1.6 billion, the highest among age groups.