California Attorney General Rob Bonta warned younger users about online cryptocurrency scams Oct. 19, as federal data showed $11.4 billion in 2025 losses in complaints involving cryptocurrency.
The Federal Bureau of Investigation (FBI) recorded $20.9 billion in losses across all internet crime complaints last year. Losses in complaints involving cryptocurrency rose 22% from 2024. The FBI places a complaint in that category if it contains a reference to virtual currency; the designation does not establish that every dollar was lost in a cryptocurrency scam.
Bonta described a sharp increase in reports about scams aimed at Generation Z on platforms including TikTok, Instagram and Twitch. The FBI’s age figures measure reported losses, rather than changes in how often that generation is targeted.
Among the age groups listed by the FBI, people 60 and older reported the greatest cryptocurrency-linked losses, at $4.43 billion. People under 20 reported $27 million, while those ages 20 to 29 reported $289 million. The age tables exclude complaints that did not provide an age.
Bonta’s office described purported yield-farming or gaming sites that persuade users to connect digital wallets. The sites display invented returns before a malicious smart contract drains the wallet. In a separate scheme, cloned investment platforms show false profits and demand fraudulent fees.
The warning also covered impersonations created with artificial intelligence and criminals who offer to recover stolen funds in exchange for an upfront payment. Bonta said familiar scams can move money quickly and remotely through cryptocurrency, leaving victims with losses that are difficult to recover.
Gov. Gavin Newsom signed Senate Bill 1208, which allows authorities to seek a court order distributing qualifying digital assets seized under a search warrant to fraud victims. Bonta urged Californians who believe they have been scammed to report it to the California Department of Justice.
