In 2024 alone, Americans lost over $53 billion to crypto-related fraud. But those losses aren’t evenly spread. A disturbing trend has emerged: states like California, Texas, Florida, New York, and Illinois consistently rank at the top for reported scam activity.
Why these states? The reasons are as strategic as they are sinister.
1. Population and Wealth Density
Scammers follow the money—and the numbers. These five states have some of the largest and wealthiest populations in the U.S. California alone has nearly 40 million residents and a tech-driven investor culture. Florida is home to both retirees and high-income earners. Texas and New York house major financial and tech hubs. Illinois, centered around Chicago, is a top-10 economy globally.
More people + more assets = more targets.
2. Digital Fluency (and Overconfidence)
Ironically, being digitally savvy doesn’t protect you—it can make you more vulnerable. Victims in these states are often confident with technology and finance, making them ideal marks for sophisticated schemes like pig butchering (a scam involving long-term emotional and financial grooming).
In our analysis, many victims described being convinced they were making “next-level” investment decisions—guided by what appeared to be insiders from Wall Street or Silicon Valley.
3. Scammer Personas Match the Environment
Scammers tailor their personas to local expectations. In New York, they pose as Wall Street professionals. In California, it’s crypto consultants or VC-backed entrepreneurs. In Florida, it’s wellness coaches or attractive singles. The fraudsters speak the cultural language of each region—making their lies more believable.
4. Language & Demographics
Texas and Florida are among the most linguistically diverse states in the country. This opens the door for multilingual scam operations originating overseas. We’ve seen entire scam farms operate in Mandarin, Spanish, Tagalog, and Russian, targeting immigrants and bilingual households.
5. Lack of Immediate Law Enforcement Response
While state AGs and federal agencies are working hard, the volume of complaints is overwhelming. Over 6,000 complaints per day reach the FBI and FTC related to financial fraud—many from these top-targeted states. Scam victims often don’t realize until it’s too late, and by the time they report, the crypto is already laundered or moved overseas.
At Lionsgate Network, we see these trends every day in the cases we handle. Victims come from all walks of life, but the one thing they share? They never thought it could happen to them.
If you or someone you know has been affected, reach out. We offer a free preliminary analysis—and a way forward.
