These 25 States Are Suffering The Worst From Crypto Investment Fraud

With the emergence of crypto came the bad actors, the fraudsters. After all, it’s simply another opportunity to steal from hard workers.

Crypto investment fraud is rampant, and it’s largely because of its decentralized nature. There’s no need for financial intermediaries, which allows criminals to make moves faster. Many people have gotten caught up in the opportunity to make money, not to realize they were being targeted by fraudsters and investing in literally nothing. In 2023, there were more than 69,000 such reports, totaling more than $5.6 billion, a 45% increase from the year prior.

The FBI has documented these cases. Here are the top 25.

1. California

Being one of the largest states in the country, it’s no surprise that California clocks in as the number-one affected state. In 2023, there were 9,522 complaints made of crypto investment fraud. Those complaints added up to a total of more than $1.1 billion in losses.

That is an increase from 2022, when there were 7,963 complaints totalling just over $900 million.

2. Florida

In 2023, there were 5,076 claims of cryptocurrency fraud, which added up to nearly $400 million. The state was second in terms of claims and third in overall losses.

In 2022, there were nearly 1,000 fewer claims, 4,129, that came to a total of more than $349 million.

3. Texas

Texas was third in terms of number of complaints, which came in a 4,770. The state was second in overall loss figures. Residents lost more than $411 million to scams.

In 2022, there were 1,344 fewer claims, 3,426, and a total loss of more than $262 million.

4. New York

The financial capital of the country suffered heavily in terms of cryptocurrency investment scams, too, last year. New Yorkers lost more than $317 million and filed 3,202 claims.

In contrast, last year residents in the Empire State filed 2,895 claims and lost more than $281 million to con artists.

5. Washington

In Washington, there were 2,049 complaints of crypto investment scams last year. That came out to more than $141 million in losses.

The previous year, there were only 1,295 claims in the state. Those came out to just over $107 million in damages, a $34 million difference.

6. Illinois

Residents of Illinois were busy filing claims, 1,928, throughout 2023. The losses were no small amount, either, at just over $160 million.

In 2022, there were 600 fewer complaints, only 1,325. The losses were significantly less, too though still painful, at just over $86 million.

7. Arizona

Last year was a painful year for Arizona, where residents filed 1,920 claims. These submissions came out to a total of more than $127 million.

In 2022, the figures were lower, but still indicative of quite the problem. There were 1,093 claims filed which came to a total of nearly $96 million.

8. Pennsylvania

Pennsylvanians were among those hardest hit in 2023 by scammers. That year, they filed 1,773 claims. Those came to a total of more than $123 million in losses.

In 2022, Pennsylvania residents experienced more than $70 million in losses. That year, they filed a total of 1,253 claims.

9. Virginia

Virginia had nearly as many claims as Pennsylvania in 2023. The state’s residents notified the FBI’s Internet crimes division of 1,734 incidences. Those claims totaled more than $122 million.

The previous year, there were 1,167 claims, 567 fewer. The damage was still substantial, though, with nearly $69 million in losses.

10. New Jersey

New Jersey rounds out the top 10 most affected states. In 2023, residents in the state filed 1,732 claims. Scammers managed to bilk them out of more than $179 million, the fifth highest amount.

In 2022, New Jerseyans filed nearly 1,500 claims, disclosing more than $115 million in losses.

11. Georgia

Last year, in Georgia, residents filed nearly 1,600 claims. These came to a total of nearly $119 million.

The prior year wasn’t much less, and Georgia likely experienced one of the slower increases. In 2022, residents filed 1,018 claims which amounted to more than $110 million in losses.

12. North Carolina

In North Carolina in 2023, the FBI recorded 1,466 claims of cyber fraud in the state. Those added up to nearly $90 million.

In 2022, the FBI recorded only 991 claims, but with a loss of more than $50 million. That’s nearly a 100% increase in loss amounts alone.

13. Maryland

Last year, Maryland saw an increase in claims, but not by much. Residents filed 1,385 claims, which came out to nearly $94 million in losses.

Comparing that to 2022, there were 1,154 that year, with losses amounting to more than $80 million. While it’s only an increase of $14 million, that’s a staggering sum considering the difference in claims is only 231.

14. Ohio

The Buckeye State sadly saw some growth in the number of claims filed for crypto investment scams. In 2023, there were 1,348 recorded instances, which totaled more than $75 million.

That’s a pretty notable growth from 2022 when there were only 936 claims, which came to more than $57 million in total losses.

15. Colorado

In Colorado, there were 1,319 claims filed with the FBI relating to cryptocurrency crimes. The damage came out to be more than $81 million, nearly $20 million over the prior year.

In 2022, there were just 913 claims, which came out to be more than $63 million in losses.

16. Michigan

Michigan saw the same number of claims as Colorado in 2023, 1,319, but saw less money in damages. The losses came out to be nearly $80 million.

However, that’s a big uptick from the year prior. In 2022, residents of the Great Lake State filed 885 claims which amounted to nearly $48 million.

17. Massachusetts

In Massachusetts, the claims for 2023 topped 1,200, up 245 from the year prior. As a result, residents lost more than $91.5 million to scammers.

In 2022, the figures were slightly smaller, with 971 claims. The losses that year totaled nearly $76 million. It’s increased by more than $15 million in just a year.

18. Minnesota

Minnesota is the first state on this list to have under a thousand claims, at 976, but it’s still a significant increase over the year prior. However, despite the lower number, the amount lost is still quite high at over $75 million.

In 2022, there were more than 300 fewer claims at 637. The losses that year totaled more than $36 million.

19. Tennessee

Last year, Tennessee residents filed 942 claims with the FBI. The losses totaled just over $68 million.

If you look at the prior year’s statistics, however, you’ll notice that this is more than a 100% increase year-over-year. In 2022, there were 586 claims with losses equaling more than $30 million. That’s a $38 million increase in one year alone.

20. Nevada

Nevada was almost on par with Tennessee in 2023. Residents that year filed 938 claims of crypto investment fraud. Despite being number 21 in terms of number of claims filed, the state ranks 12 in terms of the amount of losses, which exceeds $115.5 million.

Compared to 2022, when there were 764 claims totaling more than $46 million. That’s a stunning increase.

21. Oregon

Oregon saw 872 claims filed with the FBI in 2023. The amount of those claims totaled nearly $66 million, a $14 million increase over the year before.

In 2022, there were more than 200 fewer claims, which came in at 624. That year, residents suffered financial losses of nearly $52 million.

22. Missouri

Missouri residents filed 305 more claims in 2023 than they did in 2022, a 57% increase. Last year, those incidences led to a loss of just over $55 million.

The year before that, Missourians filed 533 reports of cryptocurrency fraud. Those claims totaled more than $34 million. Between the two years, there was a $21 million increase.

23. South Carolina

In South Carolina, residents notified the FBI 755 times of scammy activity involving crypto. Those claims totaled more than $47 million in financial losses.

In 2022, the damages were a lot less. There were only 474 reports and while the losses were significant at more than $19 million, they increased more than 100%.

24. Indiana

Indiana was pretty much on pace with South Carolina, with 749 reports of crypto fraud. The financial damages were more, though, with losses exceeding $60.5 million.

Comparing this to 2022, when residents filed 442 claims and lost more than $21.5 million, there’s been a nearly 300% increase, one of the biggest on our list.

25. Wisconsin

Finally, rounding out our list of 25 is Wisconsin. In 2023, the FBI recorded 707 claims of crypto fraud, with financial losses topping more than $35 million.

The year before that, there were only 475 reports. However, residents lost more than $27 million that year, no tiny sum.

Source: The 2023 Cryptocurrency Fraud Report from the FBI.