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.

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.

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.

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.

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.

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.”

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.

With Bitcoin trading around A$100,000 to A$102,000 in early April 2026, Australian investors face a familiar dilemma: buy the dip in hopes of another bull run, sell to lock in gains after last year’s volatility, or simply hold through what many analysts call a transitional year in the cryptocurrency’s four-year cycle.

The world’s largest digital asset has recovered from post-halving corrections but remains well below the peaks above US$100,000 (roughly A$155,000) seen in late 2025. As of April 8, 2026, Bitcoin was changing hands near US$71,000–72,000, equivalent to approximately A$101,000–102,000 depending on exchange rates, according to real-time data from major platforms.

The question of whether Aussies should buy or sell has no simple answer. Australia’s crypto ownership hit a record 33% in early 2026 surveys, with Bitcoin still the dominant holding at 71% of investor portfolios. Yet regulatory scrutiny, bank payment blocks and macroeconomic uncertainty have made many cautious.

Current Market Snapshot

Bitcoin entered 2026 on a softer note after a strong 2025 rally fueled by U.S. policy shifts and institutional adoption. The asset has traded in a relatively narrow range in recent weeks, with technical indicators showing mixed signals. Short-term forecasts for April suggest possible movement toward US$72,000–75,000, while longer-term 2026 predictions vary wildly — from conservative targets around US$75,000–100,000 to bullish calls of US$150,000–230,000 by year-end.

Australian economists and analysts are divided. Some point to potential interest rate cuts from major central banks as liquidity-positive for risk assets like Bitcoin. Others warn that renewed inflation or tighter monetary policy could trigger another leg lower, especially if the post-halving cycle follows historical patterns of mid-cycle corrections.

Bullish Case: Institutional Momentum and Long-Term Adoption

Proponents of buying or holding argue Bitcoin has matured into a legitimate asset class. Growing pension fund exposure, potential U.S. strategic reserves and increasing corporate treasury adoption provide structural support absent in previous cycles.

Ripple CEO Brad Garlinghouse predicted Bitcoin could reach US$180,000 by the end of 2026, citing regulatory clarity and global momentum. Other forecasts from firms like Bernstein and Standard Chartered cluster around US$150,000, with some optimistic models seeing peaks near US$200,000–225,000 if adoption accelerates.

In Australia, 67% of crypto investors now view Bitcoin as a legitimate financial asset rather than pure speculation. Dollar-cost averaging (DCA) remains popular among retail investors, allowing gradual entry without trying to time the market perfectly. Supporters highlight Bitcoin’s fixed supply of 21 million coins and its role as a potential hedge against currency debasement or inflation.

For long-term holders — often called “HODLers” — selling now could mean missing out on the next leg up, especially if global liquidity improves later in 2026.

Bearish Risks: Volatility, Regulation and Macro Pressures

Skeptics urge caution or even selective selling. The four-year halving cycle suggests 2026 could feature a “bear leg” or consolidation period, with some analysts warning of possible dips toward US$50,000 in a worst-case scenario.

Australian banks continue to tighten restrictions on crypto-related payments, adding friction for everyday investors. The Australian Taxation Office treats Bitcoin as a capital gains tax asset, with the 50% CGT discount available only after 12 months of holding — a reminder that frequent trading carries tax consequences.

Broader risks include geopolitical tensions (such as the fragile U.S.-Iran ceasefire), fluctuating oil prices and potential shifts in U.S. Federal Reserve policy. If central banks drain liquidity or hike rates unexpectedly, risk assets like Bitcoin could face renewed pressure.

Younger investors and those with high exposure may benefit from trimming positions to rebalance portfolios, particularly if Bitcoin forms a significant portion of their net worth. Diversification into traditional assets or even other cryptocurrencies remains a common recommendation.

Australian Context: High Adoption, High Caution

Australia ranks among the world’s leading crypto-adopting nations, but local experts stress responsible investing. Financial planners typically recommend limiting crypto to 5% or less of a diversified portfolio for most retail investors — an amount one can afford to lose without derailing retirement or other goals.

Tax compliance is straightforward but essential. Every sale, swap or spend triggers a capital gains event. Tools like Koinly or CryptoTaxCalculator help automate reporting for those using Australian exchanges.

For those considering entry in 2026, strategies include:

• Dollar-cost averaging: Regular small purchases to average out volatility.
• Waiting for dips: Some analysts suggest better entry points if Bitcoin corrects further.
• Long-term holding: Treating Bitcoin as a speculative satellite rather than a core holding.

Those already in profit may consider taking partial profits, especially if nearing financial goals that require liquidity.

Expert Opinions Vary Widely

Australia’s top economists offer no consensus. One noted that Bitcoin’s price often moves inversely with interest rates — lower rates tend to support risk assets, while tightening hurts them. Another emphasized that short-term prediction is nearly impossible, recommending investors focus on their risk tolerance and time horizon rather than chasing headlines.

Finder’s crypto panel in early 2026 showed 43% viewing current levels as a buy opportunity, 38% favoring hold and 19% leaning toward sell.

Ultimately, the decision hinges on individual circumstances. Bitcoin offers high-reward potential but comes with extreme volatility — prices can swing 10–20% in a single week.

Balanced Advice for Aussie Investors

Financial experts generally agree on a few principles for 2026:

• Only invest what you can afford to lose completely.
• Educate yourself on wallet security, exchange risks and tax obligations.
• Consider regulated Australian platforms for better consumer protections.
• View Bitcoin as a high-risk, high-reward addition to a broader portfolio, not a replacement for shares, property or superannuation.

As adoption grows and infrastructure matures, Bitcoin’s role in portfolios may evolve. Yet for most Australians, the prudent approach remains measured exposure combined with disciplined risk management.

Whether 2026 becomes another year of strong gains or a period of consolidation, the crypto market will likely remain unpredictable. Australians weighing buy, sell or hold decisions should consult licensed financial advisers and base choices on personal goals rather than market hype or fear.

The volatile nature of digital assets means no strategy guarantees success — but informed, patient investors have historically fared better than those chasing short-term momentum.

The FBI recently released its annual report on internet crime and found that cryptocurrency-related scams accounted for the most reported losses among all scam categories last year.

The Internet Crime Complaint Center (IC3) received 1,008,597 complaints in 2025, up from 859,532 in 2024, with Americans’ reported losses nearing $21 billion last year.

Crypto scams accounted for over half of the $20.877 billion total losses reported by IC3, with over $11.366 billion in losses described as being related to cryptocurrency. Additionally, there were 181,565 complaints described as being related to cryptocurrency out of the roughly 1 million complaints received last year.

The annual report showed that crypto investment fraud was the highest source of financial losses to Americans in 2025, with $7.2 billion in reported losses. 

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Crypto scams accounted for over half of Americans’ losses last year, the report detailed. (Getty Images)

Crypto investment scams typically begin via social media, text messages, advertisements or dating platforms, with scammers introducing the victims to investment groups purporting to be knowledgeable industry insiders.

Victims are then enticed to send cryptocurrency to fake investment scam platforms or apps and are shown fake profits or offered loans to encourage larger investments. When they try to withdraw their money, they will be charged taxes and fees as the scammers make a final attempt to exploit them before disappearing with the victims’ funds. Victims may also be targeted through recovery scams that claim to help them recover lost funds.

“These scams are often devastating because they can leave victims with significant loss and emotional distress,” the report explained.

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The FBI is cracking down on crypto scams. (Graeme Sloan/Bloomberg via Getty Images)

In early 2024, the FBI launched Operation Level Up to proactively identify and inform people who are falling victim to cryptocurrency investment fraud. The initiative has notified over 8,000 victims since its inception and has reduced losses by over $500 million, according to the report. 

In 2025, it notified 3,780 victims of crypto investment fraud and 78% of those victims were unaware they were being scammed. The estimated victim savings amounted to more than $225 million, while 38 people who were exploited by those scams were referred to a victim specialist for suicide intervention who maintained contact with them until local law enforcement arrived.

Some examples of prevented losses included stopping a victim from cashing out $750,000 from his 401(k) retirement plan, stopping a victim from selling her house to invest $500,000, and stopping a victim from obtaining a loan to send $400,000 to the scammer.

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Crypto investment scams may take different forms. (iStock)

The report added that there were multiple instances in which the FBI intervened through the Financial Fraud Kill Chain (FFKC) to reverse wire transfers and return funds to victims.

The surge in losses related to crypto investment scams prompted the formation of the U.S. Attorney’s Office District of Columbia Scam Center Strike Force, which merged the resources of the U.S. Attorney’s Office with the Justice Department’s Criminal Division, the FBI and the Secret Service to track down and disrupt those scams.

The Scam Center Strike Force is investigating scam compounds located in Southeast Asia, identifying and pursuing key leaders, including Chinese organized crime affiliates that operate in Cambodia, Laos and Burma to bring them to justice.

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It’s also working to seize and disable U.S.-based facilities and infrastructure that provide the manner and means to execute those scams, which includes internet service providers and social media accounts, to prevent them from being weaponized against Americans.

Southwest Airlines is rolling out stricter rules on portable chargers as concerns over lithium battery fires continue to rise on commercial flights.

In an internal message sent to employees Tuesday and reviewed by FOX Business, the Dallas-based carrier announced that beginning April 20, passengers will be limited to one lithium-powered portable charger per person. 

Each device must have a capacity of 100 watt-hours or less.

Under the new policy, portable chargers must also be kept on the passenger or stored in a carry-on bag under the seat. They will no longer be permitted in overhead bins.

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A Southwest commercial airliner takes off from Las Vegas International Airport in Las Vegas, Nevada, on Feb. 8, 2024. (REUTERS/Mike Blake)

Southwest is also banning the use of in-seat power outlets to recharge portable battery packs during flights. However, passengers may still use their chargers, as long as the devices remain visible at all times.

The airline said the changes are designed to improve its ability to “contain and mitigate lithium battery incidents,” including reducing the risk of onboard fires.

“To ensure a smooth and informed customer journey, Southwest will notify customers about this updated policy at key moments leading up to their trip — including pre-trip and check-in, so they have time to plan and prepare,” Dave Hunt, vice president of safety and security at Southwest, said in the message.

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A person holds a smartphone connected to a portable power bank charger. (iStock)

The airline noted that onboard power access will continue to expand going forward.

“By mid-year 2027, our entire fleet will feature in-seat power, reducing reliance on portable chargers and supporting a more consistent, convenient inflight experience,” Hunt said.

The airline similarly introduced changes last year requiring passengers to keep portable charging devices visible while in use during flights, a spokesperson told Fox News Digital at the time.

“Using portable charging devices while stored in a bag or overhead bin will no longer be permitted,” the spokesperson said.

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Southwest Airlines passengers settle in for an early nonstop flight to Seattle-Tacoma International Airport in Sea-Tac, Washington from Dallas Love Field on March 5, 2026.  (Tom Fox/The Dallas Morning News via Getty Images)

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The changes come as airlines and regulators intensify efforts to address the growing risk of onboard fires linked to lithium batteries.

Last year, there were 97 reported incidents involving smoke, fire, or extreme heat linked to batteries on flights, up from 89 the year before, Reuters reported, citing data from the Federal Aviation Administration.

Fox News Digital’s Ashley J. DiMella contributed to this report.

If you’re entering into a commercial lease in Sydney, understanding the terminology is critical. Lease agreements can be complex, and the fine print often has a significant impact on your total costs and long-term commitments.

Three of the most important areas to understand are rent, outgoings, and incentives. Here’s a straightforward breakdown to help you navigate the essentials.

What’s Rent in a Commercial Lease

Rent is the base amount you pay to occupy the space, but it’s not always as simple as a single figure.

Types of Rent

Gross Rent

• Includes most property expenses within the rent
• Easier to budget, as costs are more predictable

Net Rent

• Lower base rent, but you pay additional outgoings
• Common in Sydney commercial leases

Semi-Gross Rent

• A mix of both, with some costs included and others charged separately

Always clarify which structure applies, as it affects your overall financial commitment.

How Rent Is Calculated

Commercial rent is typically quoted per square metre per year.

For example:

• $600/m² for a 100m² office = $60,000 per year (plus GST and possibly outgoings)

Other factors influencing rent include:

• Location (CBD vs fringe suburbs)
• Building quality and amenities
• Floor level and natural light
• Market demand

Rent Reviews and Increases

Most commercial leases include rent review clauses.

Common Types:

• Fixed increases (e.g. 3–5% annually)
• CPI adjustments (linked to inflation)
• Market reviews (adjusted to current market rates)

These reviews can significantly increase your rent over time, so it’s important to factor them into your budget.

What Are Outgoings?

Outgoings are the additional costs associated with maintaining and operating the property.

In many Sydney commercial lease agreements, tenants are responsible for paying these on top of rent.

Typical Outgoings Include:

• Council rates
• Water rates
• Strata levies (if applicable)
• Building insurance
• Property management fees
• Cleaning and maintenance of common areas

These costs can add a substantial amount to your total occupancy expenses.

How Outgoings Are Charged

Outgoings are usually calculated based on your proportion of the building.

For example:

• If you occupy 10% of the building, you may pay 10% of total outgoings

They may be billed:

• Monthly (estimated)
• With annual reconciliation (adjusted to actual costs)

Always ask for a breakdown of estimated outgoings before signing.

Incentives: What Are They?

Incentives are benefits offered by landlords to attract tenants, especially in competitive markets like Sydney.

They can significantly reduce your effective cost.

Common Incentives:

Rent-Free Periods

• A set number of months where no rent is charged

Fit-Out Contributions

• Landlord contributes to the cost of setting up your space

Cash Incentives

• Direct financial contributions or rebates

Reduced Rent Periods

• Discounted rent for an initial period

Incentives are often negotiated and can vary depending on lease length and market conditions.

How Incentives Affect the Real Cost

While incentives can be attractive, they don’t always reduce long-term costs.

For example:

• A rent-free period may be offset by higher rent later
• Fit-out contributions may come with longer lease commitments

To understand the true cost, calculate the effective rent over the full lease term.

Lease Term and Options

The length of your lease also plays a role in rent, outgoings, and incentives.

Key Terms:

• Initial term (e.g. 3 or 5 years)
• Option periods (e.g. 3 + 3 years)

Longer leases often come with better incentives but also greater commitment.

Other Costs to Consider

Beyond rent and outgoings, there are additional expenses to factor in:

• Legal fees for lease review
• Fit-out costs
• Utilities (electricity, internet)
• Make-good obligations (restoring the space at the end of the lease)

These can add up, so it’s important to budget accordingly.

Final Thoughts

Understanding rent, outgoings, and incentives is essential when entering a commercial lease in Sydney. While the base rent is important, the additional costs and negotiated benefits can significantly affect the overall value of the deal.

By taking the time to understand these key terms and seeking expert advice where needed, you can secure a commercial lease that aligns with your business goals and budget.

Artificial intelligence is moving beyond incremental change and into something far more groundbreaking, DreamWorks SKG co-founder Jeffrey Katzenberg told FOX Business on Wednesday.

Katzenberg joined anchor Liz Claman on “The Claman Countdown” to discuss the acceleration of AI innovation and what it means for industries ranging from cybersecurity to entertainment. He said AI marks a fundamental turning point in how technology reshapes business and creativity.

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Katzenberg pointed to a surge of activity across Silicon Valley, where startups and major companies alike are racing to harness the technology’s capabilities, describing an environment fueled by both optimism and urgency.

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Jeffery Katzenberg discusses the rapid acceleration of AI innovation and what it means for industries. (Gilbert Flores/Variety; mikkelwilliam/Getty / Getty Images)

“Today there is still this incredible exuberance around all things AI. There is no question we’re not in an evolutionary moment, we’re in a revolutionary moment,” he said.

Katzenberg said the pace of development is being driven in part by a new generation of builders entering the space earlier than ever, alongside tools that are lowering barriers to entry.

“The level of excitement right now about the impossible suddenly being possible is tangible, it’s real,” he added.

While the technology is advancing quickly, Katzenberg suggested its long-term impact will depend on how businesses and creators adapt to the shift underway. 

Still, those reluctant to adapt should not fear AI — when asked whether animators in Hollywood should fear for their jobs, Katzenberg dismissed those worries.

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“As much as I appreciate the innovation that’s going on, in my opinion, I still think the human touch is absolutely essential to great storytelling,” he said. “The analogy I would make is there’s a difference between prose and poetry, and I think when you see these sort of inputs and outputs that are coming, they’re sort of a common baseline in it, but they’re missing the poetry that comes with real creativity.”

“Now, these tools are actually phenomenal,” Katzenberg continued. “And I think there needs to be more openness to embracing them, as there was for me when we went from hand-drawn animation to computer animation, right?”

The brownfield site would be transformed under the proposals

Hundreds of new homes could be built in Bristol city centre under new plans. Property developer Yara Capital is planning to transform an underutilised brownfield site south west of the Trinity Street and Waterloo Road junction within Old Market.

Under the scheme, the developer will deliver 275 co-living homes and employment space, which it says will also create jobs. An existing data centre sits on the eastern side of the site, whilst the remaining western area remains undeveloped and unused.

The current proposals include two buildings. Yara says the eastern building “presents an opportunity” to create around 2,600 sq m of flexible workspace for start-ups, creative studios, light industrial uses and life science laboratories. There is also a new co-working space proposed.

At the moment, the proposed height varies from three to six storeys, which has been designed to “complement the surrounding area and Old Market’s heritage”, according to Yara Capital.

The western building will contain co-living homes – a community model in which residents share living space and common facilities.

Alfie Yule, development manager at Yara Capital, said: “25 Trinity Street is currently underutilised and offers little to the local community.

“We now have a real opportunity to bring the site back to life and deliver meaningful benefits for Old Market and the wider city by providing high‑quality employment space for creative, life‑science and light‑industrial businesses, alongside new homes in a sustainable location.

“Central to the proposals is a landscape‑led design approach that reflects and celebrates the area’s culture and heritage.”

Yara Capital says its plans will be “refined” as it receives feedback and consultee responses.