Three Southern States Among Top Targets for Cryptocurrency Scams

According to a new study from BrokerChooser, an online broker comparison website, Florida, Georgia, and Texas are among the top states with the highest reported cryptocurrency scam losses in the US.

The analysis was based on 2024 FBI data, which showed that California had the highest losses, with more than $2.5 billion in reported cryptocurrency fraud.

Florida ranked third, with nearly $1.07 billion in losses, while Georgia came in fifth, with $420 million in losses.

Cryptocurrency scams often use sophisticated tactics to target investors, including social media solicitations, fake apps or companies, coaching and celebrity endorsements.

The study also found that the money lost to cryptocurrency scams could have funded thousands of college degrees. In Florida alone, the losses could have paid for 62,608 four-year college educations.