TULSA, Okla. — Oklahoma consumers lost millions to cryptocurrency scams in 2024 amid a national epidemic. A measure that cost all Americans the staggering sum of $9.3 billion, an increase of 66% compared to the previous year.
Experts emphasize that most losses can be avoided with good situational awareness.
The shocking numbers
The FBI’s latest Internet crime report reveals that the scale of crypto fraud has exploded beyond all expectations:
- $9.3 Billion Lost to Crypto Scams Nationwide in 2024
- Another $246.7 million stolen through crypto ATMs alone
- 66% increase from 2023, making it the fastest growing category of fraud
Who is most at risk?
New data reveals a worrying trend: while young people encounter scams more often, the financial impact varies significantly by generation:
- Generation Z: 43% say they have participated in scam attempts
- Millennials: 39%
- Generation X: 22%
- Baby boomers: 14%
The reality: Nearly half of young crypto users (46% of Gen Z, 49% of Millennials) have personally been victims of crypto fraud or know someone who has, with average losses reaching $3,300 per serious case.
Story Blocks
The New Crypto Scam Playbook
1. “Pig Butchering” – The #1 Threat (33% of All Crypto Scams)
- Starts with “wrong number” text
- Scammers spend weeks building fake relationships
- Gradually introduce “investment opportunities”
- Red flag: They never want to meet in person
2. Fake Investment Platforms (50% of Crypto Scams)
- Professional-looking websites with fake growth charts
- Allow small withdrawals initially to build trust
- Require larger deposits before revealing fraud
3. AI-enhanced romance scams
- Use of deepfake technology and AI-generated content
- The victims of “Love Bombing” with overflowing affection
- Combining emotional manipulation and investment pressure
Red Flags Every Consumer Needs to Know About
🚩 Unsolicited contact via “wrong number” SMS
🚩 Pressure to invest in crypto quickly
🚩 Guaranteed returns or unrealistic profit promises
🚩 Requests for private wallet keys or credentials
🚩 Unable to withdraw funds from investment platforms
🚩 Online Romantic Interest Suggesting Crypto Investments
Action measures for consumer protection
Before investing:
- Thoroughly research any platform – check with the SEC and CFTC
- Never share private keys or wallet IDs
- Beware of Unsolicited Investment Advice
- Trust your instincts if something seems rushed or too good to be true
If targeted:
- Report to FBI IC3.gov immediately
- File a complaint with the FTC at rapportfraud.ftc.gov
- Contact local law enforcement
- Warning: Many “crypto recovery services” are additional scams
The Reality of Recovery
Unlike traditional bank fraud, many cryptocurrency transactions are irreversible.
This makes prevention the best protection consumers have against these sophisticated schemes.
KJRH
Matthew Stern, CEO of CNC Intelligence, told 2 News there’s no need to be polite to people who call, email or text you out of the blue to try to lure you in with offers of “guaranteed profits” or “big wins.”
“Scammers become very good at exploiting our vulnerabilities which are usually emotional,” Stern said. “Scammers attack our politeness.”
He added that your best protection is: “Cut all contact. Don’t open emails, don’t answer the phone. The sooner you cut contact, the better. Any type of contact is a vulnerability.”
Call to action
You can also protect yourself and your family by:
- Share this information with loved ones, especially elderly parents
- Report any suspicious activity immediately
- Never invest in crypto based on unsolicited advice
- Remember: if it sounds too good to be true, it probably is.
“This story was reported on-air by a journalist and was converted to this platform with the help of AI. Our editorial team reviews all reporting on all platforms for fairness and accuracy.”
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