"U.S. Reports Record $12.5B Loss to Crypto Investment Scams in 2023"

The FBI reported a 53% increase in losses from cryptocurrency investment scams in 2023, totaling $3.94 billion, with the majority of frauds being related to cryptocurrency. The surge in crypto scams can be seen in the context of significant events, including Germany's seizure of over $2 billion in Bitcoin from piracy proceeds and the U.S. government's intention to sell off $132.5 million in Bitcoin seized in connection with the Silk Road scam investigation. Additionally, JP Morgan Chase & Co. halted cryptocurrency-related transactions for its U.K. clients, reflecting growing concerns of financial institutions over crypto-related crimes.