Despite tighter regulations and improved blockchain tracking tools, crypto crime is on the rise again, with criminals stealing staggering amounts of cryptocurrency. This worrying trend has especially affected the world`s largest crypto market, the United States, where consumers reported record crypto scam losses.
According to data presented by CryptoPresales.com, U.S. consumers have lost over $470 million in crypto scams in Q1 alone, more than the next five payment methods combined.
Crypto Scam Losses in the U.S. Jumped by 40% Year-over-Year
There are several ways consumers can lose money in crypto scams. One of the most common and costly are fake investment platforms that promise big profits but disappear after taking their money. Many also fall victim to phishing schemes or social media impersonators who trick them into sharing wallet credentials or sending crypto to fraudulent addresses. Others get tricked by romance or giveaway scams, where scammers use sweet talk or fake celebrity promotions to convince them to send money that’s never coming back. Altogether, these scams are draining hundreds of millions of dollars from the pockets of U.S. consumers. Even more worrying, the trend is only getting worse.
According to the U.S. Federal Trade Commission data, crypto scams have cost U.S. consumers a staggering $471.9 million in Q1, 20% more than the next five payment methods combined. Far below, fake payment apps ranked as the second costliest fraud method, with $118 million in reported losses, four times less than crypto scams. Credit card and wire transfer scams ranked third and fourth, with around $85 million in reported losses. Debit and gift cards followed, with $54 million and $53 million, respectively.
Despite taking more money from U.S. consumers than the following five payment methods combined, crypto scam losses have also surged over the past year. In Q1 2024, Americans reported $336 million lost to crypto scams, 40% less than in the same period this year, highlighting the scale of this alarming trend.
Crypto Scams Have Cost U.S. Consumers over $5.6 Billion Since 2020
The year-over-year jump between Q1 2024 and Q1 2025 is just the tip of the iceberg when it comes to rising crypto scam losses. Data from the U.S. Federal Trade Commission shows that crypto scams have skyrocketed over the past five years, with quarterly losses increasing thirtyfold. In Q1 2020, U.S. consumers reported about $16.5 million in losses. By 2022, that figure had surged to $363 million and stayed at similar levels the following year.
Although 2024 saw a slight dip of around $30 million in quarterly losses, the trend reversed by the end of the year, with scam losses surpassing $400 million for the first time. By the end of March 2025, the total jumped by another $71 million, marking the largest quarter-over-quarter increase on record and pushing the five-year total loss to a staggering $5.6 billion.
