Crypto Crime Losses Hit $11B in 2025 as NY AG Challenges CLARITY Act

FBI reports $11B crypto losses in 2025. NY AG Letitia James warns CLARITY Act weakens state enforcement, citing $500M local fraud losses.

Woofun AI reports that the FBI recorded over $11 billion in cryptocurrency-related losses from 181,565 complaints in 2025, contributing to nearly $21 billion in total cybercrime victimization. New York Attorney General Letitia James testified before Congress on July 27, arguing that the CLARITY Act would shift primary digital asset regulation to the CFTC, potentially eroding state authority to investigate fraud. Her office has processed a threefold increase in crypto fraud complaints over three years, with associated losses nearing $500 million in five years, prompting calls for platforms to enforce strict compliance and assume financial liability.