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Crypto World

Crypto Scams Hit Record $11.36 Billion in 2025, FBI Report Reveals

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR:

  • Crypto scams reached a record $11.36B in 2025, marking a 22% rise from the previous year’s total.
  • Americans over 60 lost $7.7 billion to cybercrime in 2025, a 37% increase compared to last year.
  • AI deepfake and voice cloning scams stole an estimated $893 million from US victims during 2025.
  • FBI’s Operation Level Up identified 8,000 victims and blocked over $500 million in further losses.

Crypto scams reached a record $11.36 billion in losses across the United States in 2025. The Federal Bureau of Investigation released its annual Internet Crime Report, confirming a 22% jump from the previous year.

Total cybercrime losses crossed $20.9 billion, also setting a new record high. The FBI logged over one million total complaints, averaging roughly 3,000 reports per day throughout the year.

Investment Scams and Senior Losses Drive Record Numbers

Crypto investment scams alone accounted for $7.2 billion of the total losses recorded in 2025. That figure represents the single largest share of all cryptocurrency-related fraud documented by the FBI. Overall, 181,565 crypto-related complaints were submitted to the agency during the reporting period.

Senior citizens continued to bear a disproportionate share of the financial damage. Americans over the age of 60 lost a combined $7.7 billion to cybercrime, marking a 37% increase year-over-year.

This age group remains the most frequently targeted demographic across all reported online fraud categories. The steep rise in losses among older Americans points to the growing reach of these criminal networks.

AI-powered fraud also emerged as a rapidly growing threat within the report. Deepfake technology and voice cloning tools were used to steal approximately $893 million from victims last year.

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These tools give criminals the ability to impersonate trusted individuals using convincing audio and video. The use of such technology adds a new layer of difficulty for victims trying to detect fraud.

The breadth of these numbers reflects how fraud tactics continue to outpace public awareness in the crypto space. As digital asset adoption expands globally, criminal networks are scaling their operations accordingly.

Authorities continue to stress that reporting fraud promptly through IC3.gov remains a critical step in recovery efforts.

Pig Butchering Operations and the FBI’s Countermeasures

Most crypto investment scams traced back to organized crime groups operating out of Southeast Asia. These groups run large-scale schemes commonly referred to as pig butchering operations. Criminals spend weeks or months building genuine-seeming trust with targets before executing the fraud.

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Initial contact is typically made through social media platforms, dating apps, and messaging services like Telegram.

Once a relationship is established, victims are directed to fake investment platforms displaying fabricated profits. When those victims eventually attempt to withdraw their funds, the money has already disappeared.

In response, the FBI launched Operation Level Up to directly address these types of investment scams. The operation has already identified more than 8,000 potential victims and prevented over $500 million in further losses.

This approach represents a more proactive stance from the agency in tackling crypto-related crime.

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The FBI urges the public to treat all unsolicited investment messages with caution and skepticism. No legitimate platform or trader asks users to send cryptocurrency to an unverified wallet address. Victims and witnesses of suspected fraud are encouraged to file a report directly at IC3.gov.

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Crypto World

Iran turns Strait of Hormuz into $1-per-barrel Bitcoin tollbooth

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Iran strikes Gulf energy network as oil surges past $110

Iran will charge tankers $1 per barrel in bitcoin to cross the Strait of Hormuz during a two‑week US ceasefire, adding a crypto tax to the world’s key oil chokepoint.

Iran will force every oil tanker transiting the Strait of Hormuz during the new two-week ceasefire with the US to pay a $1-per-barrel toll in cryptocurrency, turning the world’s most sensitive oil chokepoint into a de facto bitcoin paywall. According to the Financial Times, Tehran will demand that shipping companies settle the fee in digital assets, primarily bitcoin, as it seeks hard-to-trace revenues while sanctions bite. Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said the system is designed to slow traffic on Iran’s terms and tighten control over what moves through the corridor.

Under the scheme, tankers must first email Iranian authorities with detailed cargo manifests before entering the strait. Hosseini told the Financial Times that once the email is received and Tehran completes its assessment, “vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions.” He added that “everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush,” underscoring that the stated aim is to prevent weapons shipments during the pause in fighting. With typical crude cargoes ranging from 500,000 to 2 million barrels, a single transit could mean crypto payments of $500,000 to $2,000,000 per voyage.

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Ceasefire, crypto and a global oil lifeline

The toll comes as Washington and Tehran test a fragile truce that hinges on a partial reopening of the Strait of Hormuz, which before the war carried roughly a fifth of the world’s seaborne oil. A senior Iranian official told Reuters that Iran could reopen the strait “limited, under Iran’s control” as early as Thursday or Friday, ahead of talks with US officials in Pakistan. Oil markets have already reacted: Brent futures slid about 13% to roughly $94.76 per barrel and US benchmark WTI dropped more than 15% to around $95.79 after President Donald Trump agreed to the two-week ceasefire, conditional on the “immediate and safe” reopening of the strait.

In Washington, Trump has floated turning the tolls themselves into a joint business model. “We’re thinking of doing it as a joint venture,” he told ABC News’s Jonathan Karl, calling it “a way of securing it — also securing it from lots of other people. It’s a beautiful thing.” That suggestion follows earlier musings that the US could impose its own tolling regime on ships using the strait, effectively monetizing a corridor where even a $1-per-barrel surcharge is a small fraction of crude trading in the mid-$90s but represents a new geopolitical tax on a market still reeling from weeks of war-driven price spikes.

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Standard Chartered Mulls Restructuring of Zodia Crypto Custodian: Report

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Standard Chartered Mulls Restructuring of Zodia Crypto Custodian: Report

Standard Chartered is reportedly weighing a restructuring of its majority-owned crypto custodian Zodia Custody, as large banks look to bring more digital asset infrastructure inside their core banking operations.

The United Kingdom-based lender plans to fold Zodia’s crypto custody business into a division inside its corporate and investment bank that already offers similar services, while keeping Zodia operating as a standalone Software-as-a-Service (SaaS) platform for digital asset custody, according to Bloomberg on Wednesday, citing people familiar with the matter. An announcement on the restructuring could reportedly come as soon as this month.

It is not yet clear whether Standard Chartered has opened negotiations with Zodia’s minority shareholders, which include Northern Trust, Emirates NBD, National Australia Bank and SBI Holdings.

Standard Chartered has rapidly expanded its own digital asset footprint, reportedly exploring the launch of a crypto prime brokerage platform through its venture arm, SC Ventures, and rolling out institutional crypto trading in summer 2025.

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Related: Standard Chartered says faster stablecoin turnover could curb demand

The bank was an early mover into digital assets, setting up Zodia in 2020 with Northern Trust, and the custodian has since raised external capital and grown across seven offices in Europe, Asia and the Middle East.

Zodia Custody Services. Source: Zodia Custody

Cointelegraph reached out to Standard Chartered and Zodia, but had not received a response by publication.

How other big banks are internalizing crypto custody

Standard Chartered’s reported rethink comes as other global banks take digital asset custody directly under regulated banking entities. In February, Morgan Stanley applied for a US de novo national trust bank charter, which would allow it to custody certain digital assets and execute purchases, sales, swaps, transfers and staking services for clients within a bank-regulated framework.

In October 2022, BNY Mellon launched a Digital Asset Custody platform in the US that lets selected clients hold and transfer Bitcoin (BTC) and Ether (ETH) alongside traditional assets on a single platform, positioning the bank as a core provider of both conventional and tokenized asset servicing.

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