(2020–2024)
This report highlights the evolving landscape of Michigan cryptocurrency scam affecting Michigan residents over the past five years. Reported cases jumped from around 40 in 2020 to over 1750 in 2024. However, Safefunds Recovery’s internal analysis suggests that only about 1 in 16 victims formally report these incidents. Many attribute their losses to ‘bad investments’ rather than recognising them as fraud. Here you can now see the full information about our resources, like the Massachusetts Cryptocurrency Scam and the Maryland Cryptocurrency Scam. As a result, the true number of cases may be exponentially higher.
Dramatic Increase: Scam reports grew by more than 43.8x between 2020 and 2024.
2024 Highlights:
– A notable incident where a victim lost over $500,000 via a fake cryptocurrency exchange.
– County authorities reported a sharp increase in scams targeting elderly residents.
2023 Data Points:
– Over 750 complaints filed from Michigan with the FBI’s IC3.
– FBI Internet Crime Complaint Center (IC3)
– Federal Trade Commission (FTC)
– Regional media and public records for Arizona
– Safefunds Recovery internal analysis
Data for 2020–2022 includes projections based on complaint patterns and partial datasets. Figures for 2023–2024 are sourced from full, verified public records and Safefunds Recovery’s internal research.