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Cryptocurrency has become a major tool used by online and phone scammers because of its anonymous, decentralized and irreversible nature, which makes stolen funds hard to trace or recover once transferred.
Criminals across the United States and in Texas exploit this, especially in investment and imposter schemes where victims are encouraged to send digital currency for promised returns or to avoid fake legal trouble. According to the FBI Internet Crime Complaint Center, in 2023 more than 69,000 complaints involved financial fraud tied to cryptocurrency, leading to an estimated $5.6 billion in losses nationwide, nearly half of all reported fraud-related losses that year. (Below is the FBI cryptocurrency fraud report)
Data from the Consumer Financial Protection Bureau shows that Texans filed over 6,500 complaints about cryptocurrency deals between 2022 and 2025, more than any other state, highlighting how widespread these issues have become here.
The Texas State Securities Board notes that fraudulent crypto offerings now appear alongside traditional scams such as fake investments and bogus promissory notes, often using online ads and social media to lure victims with promises of high returns.