Crypto Investment Text Scams
Americans lost $470 million to text scams in 2024, according to the FTC.
Quick Answer
Crypto investment scams, often initiated through unsolicited text messages, were the most financially damaging type of fraud in the U.S. in 2025, with victims reporting $7.2 billion in losses.
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How It Works
1
The scammer sends an unsolicited text message, often pretending it's a 'wrong number' or posing as a potential romantic interest to start a seemingly innocent conversation.
2
Over days or weeks, the scammer builds a relationship and gains the victim's trust, eventually introducing the topic of cryptocurrency investing and claiming to have special knowledge or access to a lucrative trading platform.
3
The victim is persuaded to 'invest' money on a fraudulent website or app controlled by the scammer. The platform shows fake profits to encourage larger investments.
4
When the victim attempts to withdraw their supposed profits, the scammer demands fees or taxes, or simply cuts off all contact, stealing all the invested funds.
Red Flags
- Receiving an unsolicited text message from an unknown number, especially if they try to start a personal conversation.
- Guarantees of high or immediate returns on a cryptocurrency investment with zero risk.
- Pressure to move the conversation from text to an encrypted messaging app like WhatsApp or Telegram.
- The person provides investment 'advice' and directs you to a specific, unfamiliar cryptocurrency trading website or app.
- The investment platform requires you to pay fees, taxes, or a percentage of your profit before you can make a withdrawal.
- The person you are talking to consistently refuses to meet in person or have a video call.
What to Do If Targeted
- Do not respond to suspicious text messages from unknown numbers. Block the number and delete the message.
- Never send money or cryptocurrency to someone you have only met online.
- Be skeptical of any investment opportunity that promises guaranteed, high returns with no risk.
- If you have sent money, contact your bank or the cryptocurrency exchange you used immediately to report the fraud and attempt to stop the transaction.
- Document everything: save conversations, wallet addresses, transaction IDs, and the fraudulent website URL.
- Report the scam to law enforcement and the appropriate federal agencies to help them track and combat these crimes.
How to Report It
- FTC — File a fraud report with the Federal Trade Commission to help with investigations and consumer protection.
- FBI IC3 — Report internet-enabled crime, including investment fraud, to the FBI's Internet Crime Complaint Center.
- IdentityTheft.gov — If you shared personal information, visit this FTC site to get a personalized recovery plan.
- FCC — File a complaint about phone scams, robocalls, or unwanted calls with the Federal Communications Commission.
- AARP Fraud Helpline — Call 877-908-3360 for free support from trained fraud specialists. Available to anyone, not just AARP members.
Key Statistics
- Americans lost $7.2 billion to crypto investment scams in 2025, making it the top source of financial fraud losses reported to the FBI. — FBI IC3 2025 Report
- Total losses from all cryptocurrency-related fraud reached $11.3 billion in 2025 from 181,565 complaints. — FBI IC3 2025 Report
- Investment fraud was the costliest crime category reported to the FBI in 2025, accounting for nearly 49% of all reported losses. — FBI IC3 2025 Report
- In 2024, consumers reported losing $470 million to scams that started with text messages, a fivefold increase from 2020. — Federal Trade Commission (FTC)
- Adults aged 60 and over suffered the heaviest burden in crypto fraud, reporting $4.43 billion in losses in 2025. — FBI IC3 2025 Report
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Frequently Asked Questions
Pig butchering is a long-term scam where criminals 'fatten up' a victim by building a trusted relationship over time before 'slaughtering' them by stealing all their money through a fraudulent crypto investment. These scams often start with a simple text message and can take weeks or months to unfold. The FBI identifies these operations as being run by organized criminal enterprises, often using victims of human trafficking as forced labor.
While older adults suffer the highest financial losses, these scams affect people of all ages. In fact, FTC data shows that adults under 60 are more than four times more likely than older adults to report losing money to an investment scam, with most of those losses involving cryptocurrency. People aged 40-49 reported the second-highest total losses in 2025, at $2.957 billion.
According to the FBI's Internet Crime Complaint Center (IC3), Americans lost $7.2 billion to cryptocurrency investment scams in 2025, making it the single greatest source of financial harm from fraud for the year. Overall cryptocurrency-related fraud, including other scam types, drained more than $11.3 billion from American victims in 2025.
Recovering cryptocurrency sent to a scammer is extremely difficult because transactions are largely irreversible. However, you should immediately report the theft to the cryptocurrency exchange you used, your bank, and law enforcement agencies like the FBI. The FBI's IC3 Recovery Asset Team sometimes successfully freezes and recovers stolen assets, but this is not guaranteed.
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