The world of cryptocurrency scams is evolving and becoming more advanced. Yearly scam activity in the crypto industry has increased by 24% since 2020. Fraudulent activities in the crypto sphere led to losses of $3.96 billion in 2023, marking a 335% surge from 2021. Despite the surge in scams, there are investigative professionals known as crypto detectives and blockchain experts who specialize in tracking stolen funds and assisting potential victims of fraud.

The demand for these investigators has surged in recent years as scams in the crypto world have become more intricate, posing challenges even for tech-savvy individuals. The FBI data shows that losses from cryptocurrency investment scams have escalated to $3.96 billion, a significant increase over a two-year period.

Scam instances have been rising by an average of 24% annually since the start of the pandemic. It is estimated that fraudulent activities generated a staggering $12.4 billion in revenue last year. To protect oneself from falling victim to crypto scammers, experts suggest being cautious about all online interactions. The majority of fraud occurs in the digital realm, making it difficult for even seasoned investors to discern between legitimate opportunities and scams.

Experts emphasize the need for healthy skepticism, especially when engaging in online conversations or investments. Various types of scams, such as pig butchering scams, where scammers build relationships online before soliciting investments, have seen a 40% revenue increase. Joe Greenfield, a chief forensic examiner, advises investors to thoroughly research and verify any information or requests before engaging in transactions on the blockchain. It is essential to approach online interactions with caution and seek a second opinion from a trusted individual before committing to any financial transactions or sharing sensitive information.