WASHINGTON (AP) — Americans were duped out of more than $5.6 billion last year through fraud schemes involving cryptocurrency, the FBI said in a report released Monday that shows a 45% jump in losses from 2022.
The FBI received nearly 70,000 complaints in 2023 by victims of financial fraud involving bitcoin, ether and other cryptocurrencies, according to the FBI. The most rampant scheme was investment fraud, which accounted for $3.96 billion of the losses.
“The decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value around the world make cryptocurrency an attractive vehicle for criminals, while creating challenges to recover stolen funds,” wrote Michael Nordwall, assistant director of the FBI's criminal investigative division.
Scammers will often make contact through dating apps or social media to build trust over several weeks or months before suggesting cryptocurrency investing, the FBI said. Once the relationship is built, they convince the targets to use fake websites or apps to invest their money, sometimes even allowing the victims to withdraw small amounts of money early on to make it seem legitimate.
In some cases, those victims are then targeted by bogus businesses claiming they will help the victim recover the cryptocurrency they lost, according to the FBI.
FBI officials say Americans of all ages can be a target of such scams, and should be extremely cautious when presented with investment opportunities from people they've never met in real life.
FILE - The seal on the J. Edgar Hoover FBI Building is seen June 9, 2023, in Washington. (AP Photo/Alex Brandon, File)
Billionaire tech executive Elon Musk cast the upcoming presidential election in dire terms during an appearance with Donald Trump, calling the Republican presidential nominee the only candidate “to preserve democracy in America.”
The CEO of SpaceX and Tesla who also purchased X, Musk joined Trump in Butler, Pennsylvania, on Saturday at the site where the former president survived an assassination attempt in July. Musk said “this will be the last election” if Trump doesn’t win. Wearing a cap with the “Make America Great Again” slogan of Trump’s campaign, Musk appeared to acknowledge the foreboding nature of his remarks.
“As you can see I am not just MAGA — I am Dark MAGA,” he said.
It was the first time that Musk joined one of Trump's rallies and was evidence of their growing alliance in the final stretch of the presidential election. Musk created a super political action committee supporting the Republican nominee and it has been spending heavily on get-out-the-vote efforts. Trump has said he would tap Musk to lead a government efficiency commission if he regains the White House.
Trump joined Musk in August for a rare public conversation on X, a friendly chat that spanned more than two hours. In it, the former president largely focused on the July assassination attempt, illegal immigration and his plans to cut government regulations.
Before a large crowd Saturday, Musk sought to portray Trump as a champion of free speech, arguing that Democrats want “to take away your freedom of speech, they want to take away your right to bear arms, they want to take away your right to vote, effectively." Musk went on to criticize a California effort to ban voter ID requirements.
The event took place at the same property where a gunman’s bullets grazed Trump’s right ear and killed a Trump supporter, Corey Comperatore. The shooting left multiple others injured.
Several members of Comperatore’s family, as well as other attendees and first responders from the July rally, returned to the site on Saturday. Also appearing with the former president were his running mate Republican Ohio Sen. JD Vance, son Eric Trump, daughter-in-law and RNC co-chair Lara Trump, along with Pennsylvania lawmakers and sheriffs.
Kinnard reported from Chapin, South Carolina, and can be reached at http://x.com/MegKinnardAP
The story has been corrected to reflect that Elon Musk said “right to vote” and not “fight to vote.”
Elon Musk walks onto stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)
Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)
Elon Musk arrives on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)
Republican presidential nominee former President Donald Trump shakes hands with Elon Musk at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)
Republican presidential nominee former President Donald Trump shakes hands with Elon Musk at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)
Elon Musk jumps on the stage behind Republican presidential nominee former President Donald Trump during a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Julia Demaree Nikhinson)
Tesla and SpaceX CEO Elon Musk speaks as Republican presidential nominee former President Donald Trump listens at a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)
Republican presidential nominee former President Donald Trump, left, and Tesla and SpaceX CEO Elon Musk appear on stage at a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)
Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)
Elon Musk jumps on the stage behind Republican presidential nominee former President Donald Trump during a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Julia Demaree Nikhinson)
Elon Musk jumps on the stage behind Republican presidential nominee former President Donald Trump during a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Julia Demaree Nikhinson)
Tesla and SpaceX CEO Elon Musk listens as Republican presidential nominee former President Donald Trump speaks at a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)
Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci)
Tesla and SpaceX CEO Elon Musk walks to the stage to speak alongside Republican presidential nominee former President Donald Trump at a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)
Tesla and SpaceX CEO Elon Musk attends a campaign event with Republican presidential nominee former President Donald Trump at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)
Tesla and SpaceX CEO Elon Musk, from left, Republican presidential nominee former President Donald Trump and Republican vice presidential nominee Sen. JD Vance, R-Ohio, attend a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)
Tesla and SpaceX CEO Elon Musk, from left, Republican presidential nominee former President Donald Trump and Republican vice presidential nominee Sen. JD Vance, R-Ohio, attend a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon)
