Texans Lost Over $1 Billion to Cryptocurrency Scams in 2025

Texans have lost over $1 billion to cryptocurrency scams in 2025, according to the FBI. This puts Texas second only to California in terms of the amount siphoned away by fraudsters.

Most common cryptocurrency scams in Texas involve investment schemes where victims buy fraudulent cryptocurrencies or use crypto to invest in fake businesses. These scams often have legitimate-looking websites that can fool even the most discerning eye.

'The software in these things is wonderful, it looks just like an Ameritrade or E-Trade,' said Michael Levine, chief felony prosecutor for the Cyber and Financial Crimes Division of the Harris County district attorney's office. 'It looks just like a legitimate trading platform to the victim, and because it's all fake, it looks like they're making a lot of money.'

Another common technique used by scammers is known as romance scams or 'pig butchering.' This involves enticing would-be victims through flattery and kindness before directing them to invest through a website or app.