Author：Quantum trader
Crypto-linked fraud in the U.S. surged to a new record in 2025, with Americans reporting $11.366 billion in losses, a 22% jump from the previous year, as scams tied to digital assets continued to expand in scale and sophistication.
The FBI’s Internet Crime Complaint Center (IC3) said in its annual report, released Monday, that it received 181,565 crypto-related complaints last year, marking a 21% increase year-over-year.
The average reported loss stood at $62,604, with 18,589 victims losing more than $100,000, according to the report.
Crypto investment scams alone accounted for $7.228 billion in losses, remaining the dominant category and rising 25% from 2024, alongside a 48% increase in complaints.
“The FBI remains fully committed to ensuring Americans’ safety online,” Jose Perez, Operations Director for the Bureau’s Criminal and Cyber Branch, said in the report, which also referenced the recent executive order targeting cybercrime, fraud, and foreign scam centers.
“The FBI’s $11.3 billion number is ‘an important benchmark’ that tracks growth, but captures only part of the picture,” Ari Redbord, global head of policy at blockchain intelligence firm TRM Labs, told Decrypt, estimating global fraud at around $35 billion with just 15% of victims reporting.
Elders hit hardest
While losses rose across every age group, Americans aged 60 and older bore a disproportionate share of the damage, filing 44,555 complaints and suffering $4.432 billion in crypto losses, more than any other demographic.
The figure is nearly double the $2.139 billion lost by victims in their 50s, and a significant climb from the $2.8 billion seniors lost in 2024, when their losses represented roughly 30% of all crypto fraud despite the group making up only about 17% of the U.S. population.
Crypto ATM scams surge
Crypto ATM and kiosk fraud continued its rapid climb in 2025, with 13,460 complaints generating $389 million in losses, a 58% increase in losses and a 23% rise in complaints from 2024.
The year prior had itself seen ATM fraud complaints nearly double from 2023.
Older Americans accounted for $257.4 million in losses across 6,188 complaints, highlighting how scammers increasingly exploit accessible payment methods like QR codes and kiosks to target seniors.
Recovery scams, where fraudsters pose as entities offering to recover lost funds, added another $1.4 billion in crypto losses, often combining impersonation tactics with prior victim targeting.
California led all states in crypto-related complaints and losses at $2.099 billion, followed by Texas at $1.016 billion, Florida at $914.5 million, and New York at $593.4 million, with Oregon ranking fifth in losses at $545.9 million despite placing 24th in complaint volume.
Redbord said the U.S. remains “at the center” as a “very attractive victim base” due to high adoption and liquidity, noting state concentration in California, Texas, and Florida “makes sense in that context,” and adding “NY as an important state” in this conversation.
The FBI said its “Operation Level Up,” countering crypto investment scams, has notified over 8,000 victims and helped prevent more than $500 million in losses, including $225.9 million in 2025 alone.
The figures arrive amid mounting regulatory pressure on crypto ATM operators nationwide.
Last week, West Virginia's Governor signed legislation bringing crypto kiosks under money transmission licensing rules, and Minnesota lawmakers are considering an outright ban on the machines.
Connecticut suspended Bitcoin Depot's state operating license after regulators found the company overcharged users and failed to fully refund fraud victims, a crisis that culminated in the resignation of Bitcoin Depot's CEO.
"By the time a victim is at a kiosk, they are already deep in the scammer's trance," Stefan Muehlbauer, CertiK's Head of U.S. Government Affairs, told Decrypt, adding that regulations are "a vital hurdle that slows down the speed of the fraud, but they are only one piece of a much larger puzzle."
Muehlbauer called for a “defense-in-depth” approach, warning that as crypto ATMs are restricted, scammers shift to “more sophisticated methods” like social engineering using deepfakes, meaning the goal isn’t just to “ban the mode of transfer” but to “harden the entire financial ecosystem.”
He recommends combining “mitigation” through AI-driven detection, “remediation” via strong recovery systems, and “education” to break the scammer’s psychological hold.
Scam volumes in 2026 are “expected to evolve rather than disappear,” with fraudsters adapting as regulators close off existing channels, Muehlbauer added.
Redbord shared that outlook, warning that the underlying drivers show no sign of slowing. "These are highly organized, global operations that are getting more sophisticated, including with AI," he told Decrypt. "So I'd expect volumes to keep growing, even if the rate fluctuates year to year as the lawful ecosystem grows in parallel."
