Americans reported losing a staggering $11.366 billion to cryptocurrency-related scams in 2025, a 22% increase from the previous year and the highest total on record, according to the FBI’s annual Internet Crime Complaint Center report released Monday.
The figure, drawn from 181,565 complaints involving cryptocurrency, accounted for more than half of the nearly $21 billion in total cyber-enabled crime losses reported to the IC3 last year. Cryptocurrency investment scams alone drove $7.228 billion in losses, making them the single most costly fraud category tracked by the agency.
The surge highlights the growing sophistication of digital asset scams, which often blend social engineering, fake investment platforms and promises of quick riches with emerging technologies like artificial intelligence. Overall, the IC3 received more than 1 million complaints in 2025, up from about 860,000 the year before, with losses rising 26% to approximately $20.87 billion.
“Cryptocurrency remains the preferred method of payment for many fraud schemes because of its perceived anonymity and the difficulty in recovering funds once transferred,” the FBI stated in its press release accompanying the report.
Investment Scams Dominate Losses
Crypto investment fraud, frequently referred to as “pig butchering” schemes, topped the list with 61,559 complaints and $7.228 billion stolen — a 25% increase in losses and 48% rise in complaints from 2024. Scammers typically initiate contact via text messages, social media, dating apps or online advertisements, then move victims to private messaging platforms. Victims are lured into fake investment groups or apps showing fabricated profits, sometimes encouraged to take loans to invest more.
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When victims attempt withdrawals, funds vanish. Many schemes now incorporate AI-generated content, deepfake videos or chatbots to build trust and maintain long-term relationships with targets.
Recovery scams added another layer of harm, generating $1.4 billion in losses across 10,516 complaints. These often target previous victims by impersonating government officials, law firms or “recovery experts” promising to retrieve lost crypto for upfront fees.
Crypto ATM and kiosk fraud also grew sharply, with 13,460 complaints and $389 million lost — a 58% jump in losses. Scammers convince victims to deposit cash into machines or scan QR codes to send funds, frequently targeting older adults.
Seniors Hit Hardest
Adults aged 60 and older suffered disproportionately. This group filed 44,555 crypto-related complaints and lost $4.432 billion — nearly 40% of total crypto losses. The average loss per complaint involving cryptocurrency was $62,604, with 18,589 victims reporting losses exceeding $100,000.
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Younger age groups were not immune. Those aged 50-59 lost $1.383 billion, while the 40-49 bracket reported $924.6 million. Losses spanned all demographics, but the elderly’s higher vulnerability to social engineering tactics amplified the toll.
California, Texas, Florida, New York and Oregon led states in reported crypto losses, consistent with population size and high adoption rates of digital assets.
Broader Cybercrime Picture
The 2025 IC3 report painted a grim portrait of online threats. Investment fraud as a broader category generated $8.65 billion in losses, with crypto playing a central role in 72% of those cases. Tech support scams and government impersonation schemes also increasingly demanded payment in cryptocurrency.
AI-related complaints exceeded 22,000, with adjusted losses topping $893 million. Scammers used generative tools to create convincing phishing emails, voice clones and fraudulent websites.
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Ransomware and business email compromise remained serious threats, though they accounted for smaller shares of total reported losses compared to consumer-facing investment scams.
The FBI emphasized that reported figures likely understate the true scale, as many victims never file complaints due to embarrassment, lack of awareness or the belief that recovery is impossible.
FBI Response and Prevention Efforts
The agency has ramped up proactive measures. Operation Level Up, launched in 2024, has notified more than 8,000 potential victims of ongoing crypto investment scams and helped prevent over $500 million in additional losses. The initiative uses data analytics to identify at-risk individuals and intervene before funds are fully transferred.
In 2026, the FBI introduced Operation Winter SHIELD to bolster digital security awareness among organizations and individuals.
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Law enforcement continues to pursue international partnerships, as many large-scale crypto scams originate from organized groups in Southeast Asia and other regions. Sanctions and takedowns have targeted some networks, but the decentralized nature of cryptocurrency and rapid evolution of tactics make enforcement challenging.
The FBI urged the public to verify investment opportunities independently, avoid sending crypto to unsolicited contacts and report suspicions immediately through ic3.gov.
Industry and Regulatory Context
The record losses come as cryptocurrency markets have matured, with Bitcoin and other assets gaining mainstream acceptance. Yet the same accessibility that draws legitimate investors also attracts fraudsters.
Regulators, including the Securities and Exchange Commission and state attorneys general, have increased scrutiny of crypto platforms and promoted investor education. Some platforms have enhanced anti-fraud tools, but critics argue more must be done to address the “Wild West” perception of digital assets.
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Consumer advocates called for stronger “know your customer” rules, mandatory reporting of suspicious transfers and clearer warnings on exchanges and social media platforms where scams proliferate.
For victims, recovery remains difficult. Once cryptocurrency is sent to a scammer-controlled wallet, tracing and seizing funds requires international cooperation and technical expertise. Many losses are permanent.
Lessons and Warnings for 2026
As crypto adoption grows and AI tools become more accessible to criminals, experts predict continued pressure on losses unless prevention efforts scale rapidly. The FBI’s report serves as both a stark warning and a call to action.
“Education remains our best defense,” one senior FBI official noted. “If it sounds too good to be true — especially when it involves quick crypto profits — it almost certainly is.”
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With total cybercrime losses approaching $21 billion in a single year, the human and economic cost extends far beyond the dollar figures. Families face financial ruin, retirees lose life savings and trust in emerging technologies erodes.
The 2025 numbers underscore a sobering reality: as cryptocurrency moves from fringe investment to mainstream financial tool, the scams exploiting it have scaled accordingly — leaving billions in shattered dreams in their wake.
James Entwistle – Senior Director of Investor Relations Stephan Von Schuckmann – CEO & Director Andrew Lynch – CFO & Executive VP
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Conference Call Participants
Ryan Choi Mark Delaney – Goldman Sachs Group, Inc., Research Division Christopher Glynn – Oppenheimer & Co. Inc., Research Division Joseph Giordano – TD Cowen, Research Division Guy Drummond Hardwick – Barclays Bank PLC, Research Division Jyhhaw Liu – Evercore ISI Institutional Equities, Research Division Joseph Spak – UBS Investment Bank, Research Division Konstandinos Tasoulis – Wells Fargo Securities, LLC, Research Division Luke Junk – Robert W. Baird & Co. Incorporated, Research Division Shreyas Patil – Wolfe Research, LLC
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Presentation
Operator
Good afternoon, everyone, and welcome to the Sensata Technologies Q1 2026 Earnings Call. [Operator Instructions] Please also note, today’s event is being recorded. I would now like to turn the conference call over to Mr. James Entwistle, Senior Director of Investor Relations. Please go ahead.
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James Entwistle Senior Director of Investor Relations
Thank you, operator, and good afternoon, everyone. I’m James Entwistle, Senior Director of Investor Relations for Sensata, and I’d like to welcome you to Sensata’s First Quarter 2026 Earnings Conference Call. Joining me on today’s call are Stephan Von Schuckmann, Sensata’s Chief Executive Officer; and Andrew Lynch, Sensata’s Chief Financial Officer. In addition to the financial results press release we issued earlier today, we will be referencing a slide presentation during today’s conference call. A PDF of this presentation can be downloaded from Sensata’s Investor Relations website. This conference call is being recorded, and we will post a replay on our Investor Relations website shortly after the conclusion of today’s call.
As we begin, I would like to reference Sensata’s Safe Harbor statement on Slide 2. During this conference call, we will make forward-looking statements regarding future
Mumbai: Easing in corporate borrowing costs mid-April, which encouraged a wave of bond issuance, appears to be reversing as concerns over a prolonged conflict in West Asia drive yields higher once again. Firming local yields have made issuers more cautious, with some scaling back planned bond sales after a brief period of frenetic activity.
Recent state-backed bond issuances show signs that borrowing costs may be beginning to edge higher again. SIDBI, which had planned to raise ‘6,000 crore through a three-year bond sale on Tuesday, mobilised only ‘3,025 crore at a yield of 7.61%. A week earlier, NABARD raised ‘4,250 crore against a planned ‘7,000 crore at 7.48% for a similar tenor.
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prolonged West Asia conflict casts a shadow
Taken together, the two issuances indicate that funding costs are starting to move higher, debt market participants said.
Corporate borrowing costs are rising again after a brief dip in mid-April, driven by concerns over the West Asia conflict impacting oil prices. Recent state-backed bond issuances saw lower-than-planned mobilizations, indicating increased caution among issuers and selective appetite in the debt market.
“We saw a pickup in bond issuances after mid-April as lower yields encouraged corporates to tap the market. But borrowing costs are beginning to inch up again over the past few days,” said Venkatakrishnan Srinivasan, managing partner at Rockfort Fincap, a debt advisory firm. “So, appetite remains selective, and many are finding it difficult to raise the full amount they had initially planned.” Yields on India’s 10-year benchmark paper slipped to around 6.86% by April 15 from as high as 7.13% early April. But they have steadily climbed again to around 6.98%, with little clarity on the direction of the West Asia war and its impact on oil prices.
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Mid-March, NABARD had raised ‘7,265 crores for 3-years at 7.44%, while REC raised ‘3,000 crores for 5-years at 7.19% The pickup in issuances mid-April also coincided with a period of ample surplus liquidity in the banking system, which boosted demand for fixed-income securities. This encouraged institutions such as banks and mutual funds to deploy funds into the debt market, and the resulting surge in demand helped compress yields, debt market participants said.
The reported exit of the UAE from the OPEC+ alliance has triggered fresh speculation over the long-term cohesion of the oil producers’ group, even though immediate market disruption remains limited. While the short-term impact on crude prices appears muted due to ongoing geopolitical tensions, analysts suggest the development could reshape global oil supply dynamics once stability returns.
Speaking to ET Now, market expert Peter Cardillo from Spartan Capital Securities described the development as a potentially significant turning point for the alliance’s future.
“First signs of a crack” in OPEC+ Commenting on the broader implications for the producer group, Cardillo noted that the development could signal deeper structural issues within OPEC+.“Well, it is a big deal in a sense that to me this raises the question whether or not OPEC plus is going to be around for much longer. It is the first signs of a crack and the UAE produces anywhere from 2.9 million to 3 million barrels a day and so it is among the 10 top oil producing nations. Now what does this mean? In the short run, obviously during the war it does not have much of an impact in terms of oil prices but once the war is over and, of course, the war will come to an end at one point or another, this just means that more production and it means more oil on the world markets and it means probably prices collapsing in a big way and so I think it is a big deal.”
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Cardillo highlighted that the UAE’s output levels make it a key player in global supply, and any shift in its alignment could gradually influence pricing trends, particularly once current geopolitical disruptions ease.Price floor concerns remain limited—for now When asked whether OPEC’s ability to maintain a price floor is weakening without the UAE’s participation, Cardillo downplayed immediate risks but pointed to longer-term uncertainty.“No, I do not think so, not in the short term, but obviously this also raises a question: who is next?”
Market implications: stability now, uncertainty ahead While oil markets continue to be driven largely by geopolitical developments and near-term supply constraints, the potential fragmentation of OPEC+ raises questions about how coordinated production policy will remain in the years ahead.
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For now, traders appear to be focusing on immediate demand-supply dynamics. However, analysts suggest that if more members reconsider their participation, the long-standing influence of OPEC+ on global oil pricing could gradually weaken, opening the door to more volatile and market-driven pricing structures in the future.
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Elon Musk made explosive claims during his testimony in a federal courtroom this week as his legal battle against OpenAI and CEO Sam Altman officially began.
Speaking before a jury in Oakland, Musk argued that his long-standing concerns about the safety of artificial intelligence motivated his involvement in OpenAI long before AI became mainstream.
Musk Claims Google Ignored AI Safety
The billionaire entrepreneur testified that he personally warned Barack Obama about the dangers of artificial intelligence during a private meeting in 2015.
JUST IN: Elon Musk says he tried to warn former President Obama about AI, but was not taken seriously because it was not smart enough yet.
According to Musk, AI was still largely ignored at the time, but he believed it could eventually become a major threat to humanity.
During his testimony, Musk also revealed details about the tensions he had with former Google CEO Larry Page.
The 54-year-old tycoon claimed Page labeled him a “speciest” because of his pro-human stance regarding AI development.
Furthermore, Musk explained that one reason he helped create OpenAI was to establish a counterbalance to Google’s growing dominance in AI. He accused Google of failing to prioritize AI safety during the early stages of rapid AI advancement.
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The Tesla and SpaceX CEO also described efforts to recruit AI researcher Ilya Sutskever away from Google to help build OpenAI.
OpenAI Lawsuit Seeks More Than $100 Billion
The focus of the lawsuit is Musk’s accusation that OpenAI abandoned its original nonprofit mission.
As reported by Business Insider, Musk claims the company shifted toward private profit despite promises that artificial intelligence development would benefit humanity rather than corporate interests.
The lawsuit reportedly seeks more than $100 billion in damages and challenges OpenAI’s for-profit restructuring, which includes major backing from Microsoft.
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Musk testified that he personally donated around $38 million to support OpenAI’s original mission when the organization launched in 2015.
AI Safety Debate Continues To Intensify
Musk compared AI to a highly intelligent child that can be uncontrollable without proper guidance and values.
He warned that unchecked AI development could create dangerous consequences once machines surpass human intelligence.
OpenAI strongly denied Musk’s accusations, describing the lawsuit as an attempt to disrupt competition within the rapidly expanding AI industry. The company called it a “legal ambush” in its own terms.
Wade Lyons is a security professional and business leader with nearly two decades of experience in public safety. He is the Chief Executive Officer of Black Onyx Investigations, a firm focused on background investigations, private security, and executive protection services.
He began his career in 2006 with the Austin Police Department. Over the next 17 years, he moved through a range of roles, including patrol, investigations, and strategic intelligence. He later became a Police Commander, where he led both operational units and the department’s training and recruiting division.
In that role, he oversaw programmes that supported more than 2,000 officers and civilian staff. He managed large teams, developed training systems, and helped modernise recruitment efforts. His work included improving hiring standards and expanding community engagement in the training process.
Wade Lyons is known for his structured approach to leadership. He focuses on clear processes, strong accountability, and practical decision-making. His experience reviewing critical incidents and leading large teams shaped how he approaches risk and performance.
In 2024, he moved into the private sector and founded Black Onyx Investigations. The firm supports organisations with hiring decisions, risk assessments, and security planning. His work now centres on helping clients reduce exposure and make informed decisions.
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He holds a Master of Science in Criminal Justice and is completing an MBA. His background in law enforcement continues to influence his work in private security.
Q: You began your career in law enforcement. What drew you into that field?
I grew up in Houston and originally planned to go into medicine. During my final semester at Texas A&M, I did a ride-along with a police officer. That experience changed everything. I saw the impact officers could have on people in real time. I applied to the City of Austin shortly after graduating and started my career there.
Q: What were your early years in the Austin Police Department like?
I started in patrol, which is where you learn the job properly. You respond to thousands of calls and see every type of situation. It builds your judgement. I later moved into investigations and worked on cases involving violent crime and narcotics. That period taught me how to manage information, interview people, and build cases step by step.
Q: You later moved into leadership roles. How did that transition happen?
I was promoted through the ranks into supervisory and command roles. As a sergeant and lieutenant, I managed teams and handled operational planning. Eventually, I became a Police Commander. I led area operations and later the Training and Recruiting Division. That role involved managing over 100 personnel and supporting the development of more than 2,000 officers and staff.
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Q: What stands out from your time leading training and recruiting?
We had to rethink how we trained officers. One example was moving away from long classroom sessions and introducing scenario-based training. I remember watching an officer go through a simulated call where communication made the difference between escalation and resolution. That moment reinforced how important realistic training is.
Q: Recruiting has been a major challenge for many departments. What did you learn from that experience?
Recruiting is not just about numbers. It is about selecting the right people. I reviewed many background investigations. One candidate had strong test results but showed a pattern of dishonesty in previous jobs. That disqualified him. You cannot train integrity. That lesson stayed with me.
Q: What led you to leave public service and start your own company?
After 17 years, I wanted to apply what I had learned in a different environment. I saw a gap in how organisations handle risk, especially in hiring and internal investigations. In 2024, I started Black Onyx Investigations to focus on those areas.
Q: What does your work look like now?
Most of our work involves background investigations and security consulting. We help organisations verify candidate information and assess potential risks. Each case follows a structured process. We define the scope, collect and verify information, and provide a clear report.
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Q: How does your law enforcement background influence your business approach?
In policing, you work within strict procedures. You document everything and base decisions on evidence. I use the same approach in my business. Clients need clear, accurate information. That is what allows them to make informed decisions.
Q: What are the most common issues clients come to you with?
Hiring risk is a major one. Organisations want to know if a candidate’s background aligns with the role. We also see cases involving internal concerns, where companies need a structured review of a situation.
Q: Looking ahead, how do you see your work evolving?
I expect continued growth in private investigations and executive protection. Organisations are paying more attention to risk management. My focus is building systems that maintain quality as we expand.
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