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The FBI recorded and logged more than 69,000 complaints from the public regarding cryptocurrency fraud — resulting in more than $5.6 billion lost — in 2023, with Washington ranking as one of the most affected states in the country.

The FBI stated there was a 45% jump in losses compared to 2022.

The types of cryptocurrency-related complaints the FBI’s  received ranged from tech support illegal schemes to investment fraud to government impersonation scams. Investment fraud with cryptocurrency is responsible for $3.9 billion of the total money lost.

More local scams: Scam asking for money for child’s surgery sprouts up in Lynnwood

“Scams targeting investors who use cryptocurrency are skyrocketing in severity and complexity,” FBI Director Christopher Wray said alongside the data’s release. “The best way to help stop these crimes is for people to report them to , even if they did not suffer a financial loss. The information allows us to stay on top of emerging schemes and criminals’ use of the latest technologies, so we can keep the American public informed and go after those who commit these crimes.”

According to , scammers often make contact through dating apps or social media to build trust over several weeks or months before suggesting cryptocurrency investing. Once the relationship is built, the scammers 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.

Today, the published its first Cryptocurrency Fraud report with statistics from 2023. Washington state losses were recorded at more than $141.7M from more than 2,000 complaints. The report can be found at:

— FBI Seattle (@FBISeattle)

Washington had the fifth-most complaints and the seventh-most money lost, losing more than $140 million in cryptocurrency fraud. In comparison, California lost more than $1.1 billion in 2023. Texas, Florida, New York, New Jersey, Illinois, Arizona, Pennsylvania and Virginia rounded out the top 10 most affected states.

“Law enforcement can trace cryptocurrency transactions to follow money in ways not possible with other financial systems,” the FBI’s report read. “Nevertheless, since cryptocurrency also allows transfers of funds to exchanges overseas, U.S. law enforcement may encounter significant challenges when following cryptocurrency that enters other jurisdictions, especially those with lax anti-money laundering laws or regulations.”

More cryptocurrency fraud in WA: Binance CEO pleads guilty to money laundering in Seattle federal court

One of the most notable cases of cryptocurrency fraud in Washington was when a New York jury convicted FTX founder Sam Bankman-Fried of fraud after he allegedly stole at least $10 billion from customers and investors.

FTX was once the world’s second-largest crypto exchange before it fell into bankruptcy in 2022. NFL quarterback Tom Brady, supermodel Gisele Bündchen, comedian Larry David, NBA star Stephen Curry, tennis phenom Naomi Osaka, former baseball superstar David Ortiz and Shark Tank’s Kevin O’Leary were all sued for their involvement with FTX. The lawsuit claimed the celebrities “lending their credibility to the failed cryptocurrency exchange” made them at least partially responsible for damages.

Banman-Fried was sentenced to 25 years in prison and has been ordered to pay $11 billion in forfeiture for his orchestration of multiple fraudulent schemes.

More on Bankman-Fried: FTX founder Sam Bankman-Fried convicted of defrauding cryptocurrency customers

Frank Sumrall is a content editor at MyNorthwest. You can read his stories here and you can email him here.