(2020–2024)
This report highlights the evolving landscape of Texas cryptocurrency scam affecting Texas residents over the past five years. Reported cases jumped from around 120 in 2020 to over 4500 in 2024. However, Safe funds 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 recognizing them as fraud. As a result, the true number of cases may be exponentially higher.
Dramatic Increase: Scam reports grew by more than 37.5x 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 2600 complaints filed from Texas with the FBI’s IC3.
– FBI Internet Crime Complaint Center (IC3)
– Federal Trade Commission (FTC)
– Regional media and public records for Arizona
– safe funds 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 safe funds recovery’s internal research.