The FBI has reported a 45% increase in cryptocurrency fraud losses to $5.6 billion in 2023, with nearly 69,000 complaints filed nationwide. Investment scams, making up 71% of total losses, prey on individuals' fear of missing out on market gains. Victims over 60 years old suffered the most significant losses, totaling $1.6 billion, while those aged 30-39 also fell victim. Other prevalent fraud categories include call center scams and the use of cryptocurrency kiosks, resulting in over $189 million in losses. Regulators face challenges in combating fraud due to the decentralized nature of cryptocurrencies. The FBI advises investors to be cautious, report suspicious activities, and verify the legitimacy of cryptocurrency opportunities. Collaboration between law enforcement, regulators, and the public is crucial in safeguarding the digital asset ecosystem against fraud. Read more AI-generated news on: https://app.chaingpt.org/news