The Hidden Dangers of Cybercrime
In the world of cybercrime, everything can vanish at the click of a button. It’s a chilling reality that we’ve heard about for years. And yet, the number of people affected and the financial losses continue to climb dramatically.
“These scammers are professionals. They know what they’re doing,” said Melanie DeVoe from the Commodity Futures Trading Commission. She highlights that these criminals have well-thought-out techniques for targeting potential victims.
DeVoe’s agency monitors some rapidly growing types of cybercrime, especially romance and investment scams. However, when it comes to cryptocurrencies, they face unique difficulties in their investigations.
According to DeVoe, timing is crucial. “Once that click happens, it’s game on. They create a relationship and then introduce the idea of investing in cryptocurrencies,” she explains.
Shifting from traditional money to cryptocurrencies gives criminals a significant edge. Cryptocurrencies are comparatively easy to conceal, as the FBI lacks partnerships with many organizations managing cryptocurrency transactions.
In the fiscal year 2025, the Department of Justice reports that around $2.5 billion in virtual currencies tied to cybercrime was seized. This figure is a staggering tenfold increase from five years earlier when only $237 million was confiscated.
“Fraud involving cryptocurrency and investment schemes is rising significantly,” James Kaylor from the FBI shared with WRAL Investigates. He leads the White Collar Crimes Division and confirms that cryptocurrencies have become the preferred currency for criminals. “They can move very quickly,” Kaylor noted. “It’s also much simpler to launder money this way compared to banking systems.”
Despite the seizures, the FBI states that the cryptocurrencies recovered are merely a fraction of the total cybercrime reports submitted to the Internet Crime Complaint Center. In 2024, victims reported losses totaling $9.3 billion from cryptocurrency scams, with the most vulnerable targets being the elderly and those seeking companionship.
Residents in North Carolina seem to be particularly affected, topping the list with 178 complaints regarding investment fraud.
Kaylor warns that scammers will leverage advancements in artificial intelligence to create convincing pitches, often showcasing how victims are supposedly making money through “manipulated websites and graphics.”
By the time one realizes something feels off, Kaylor suggests, it might already be too late.
“Once they realize they’ve been scammed, the perpetrators disappear, and it’s like you’ve been wiped clean,” he added.
A review of federal court documents revealed multiple cases involving Wake County victims, including a 67-year-old man from Harnett County who fell for a romance scam, investing nearly $2 million into a phony cryptocurrency trading platform.
When the FBI intervened, only around $300,000 of the victim’s funds were recoverable. Determining ownership of the funds can be tricky as multiple individuals often fall victim to a single scam.
“If we were able to seize the crypto wallets that held various victims’ money, how much could we potentially recover?” Kaylor pondered.
He offers straightforward advice for keeping accounts secure: don’t send money to anyone you’ve only met online, and be cautious about website legitimacy, even if they look professional.
But perhaps the most important takeaway he shares? “If it sounds too good to be true—well, it probably is. Just steer clear.”
