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- FBI warns of scammers posing as lawyers to steal more from past crypto and Bitcoin fraud victims.
- Losses hit $9.3 billion in 2024, with seniors losing nearly $3 billion alone.
The Federal Bureau of Investigation has renewed its warning over a growing scam targeting individuals who have already lost Bitcoin and cryptocurrency to fraud. The scheme involves impostors posing as lawyers, offering to recover stolen assets but ultimately taking more funds from victims.
In its Wednesday alert, the bureau said fraudsters contact people through social media and messaging platforms, often claiming to possess case files from U.S. agencies. Victims are lured into believing their funds can be retrieved, only to be asked for payments in cryptocurrency, prepaid gift cards, or overseas bank transfers.
The scam is not new. The FBI issued similar alerts in August 2023 and June 2024, but the latest data shows the threat has escalated sharply. Reports to the FBI’s Internet Crime Complaint Center in 2024 included more than 149,000 crypto fraud cases, with losses totaling $9.3 billion, a 66% increase from the $5.6 billion recorded in 2023.
Older Adults Face Rising Bitcoin Scam Threats
Americans aged 60 and above registered losses of $2.83 billion last year, almost 30% of the total. The FBI cited that seniors were specifically targeted because they could easily be victimized, emotionally distressed, and have a strong wish to retrieve their stolen funds.
Some of the scammers even pose as reputable law firms, incorporating authentic-looking documents and citations, and false association with government or regulating authorities. The FBI cautioned,
There are no law firms which are officially authorized partners of U.S. Government agencies.
Red flags include new overseas bank account requests, “bank fees” requests to authenticate identity, and requests to send out money to unconnected third parties. Such tactics attempt to appear procedural but conceal the illicit nature of the operations.
FBI Urges “Zero Trust” Approach
The bureau’s advice encourages victims to be “Zero Trust” — validate each request, check law licenses, and insist on notarized identity verification or video confirmation before acting on. They advise against responding to unsolicited messages or advertisements that offer to recover stolen crypto.
The alert states, “Be cautious of law firms contacting you unexpectedly, especially if you have not reported the crime to any law enforcement or civil protection agencies.” It also warns against the disclosure of personal or business information to strangers.
Nonetheless, the risks have evolved to be wider than the online meetings. In extreme cases, criminals have carried out kidnappings to obtain Bitcoin from families or individuals. Alena Vranova, of SatoshiLabs, has foreseen at least one Bitcoin holder in the world falling victim to such crimes every week.
