As crypto scams continues to surge across the U.S., the state of Montana is stepping up efforts to protect its residents, particularly the elderly, from increasingly sophisticated scams. With $12.5 billion lost to fraud nationwide in 2024, the state is pushing for tougher digital asset regulations and public awareness.
Sharp Rise in Crypto Fraud Prompts Action
Montana’s Commissioner of Securities and Insurance, James Brown, has raised alarm over a dramatic rise in crypto scams. Citing FTC data from March 2025, Brown noted that Americans lost over $12.5 billion to fraud in 2024—a 25% increase from the previous year.
Montana, home to one of the country’s oldest populations, has seen scammers specifically target residents over 65, exploiting their vulnerability through fake investment opportunities and deceptive online interactions.
New Bill Aims to Regulate Digital Assets
In response, Brown has thrown his support behind a proposed state bill that would give his agency the power to regulate firms dealing in network tokens and blockchain transactions.
“This legislation puts Montana at the forefront of economic innovation while protecting consumers,” said Brown. The bill would expand the auditor’s oversight, enabling better enforcement and helping prevent fraud at its source.
If passed, Montana would join a small but growing group of states proactively regulating the rapidly evolving digital asset space, balancing innovation with investor protection.
‘Pig Butchering’ Scheme Hits Residents Hard
One of the most concerning scams is the so-called ‘Pig Butchering Scheme’, named after a Chinese phrase referring to fattening a pig before slaughter. Scammers build fake online relationships—often romantic or friendly—before coaxing victims into investing in fraudulent crypto platforms.
Brown revealed that his office handled 15 such cases in 2024 alone, with losses nearing $900,000. The actual number could be much higher due to underreporting, as many victims feel shame or fear coming forward.
“These scams are calculated and cruel,” Brown stated. “We’re pursuing them aggressively.”
Montana Urges Public Vigilance
Brown stressed that public education and vigilance are key to curbing crypto fraud. He warned residents to be cautious of:
Unsolicited investment opportunities
Pressure to act quickly or keep investments secret
Promises of unusually high returns
He encouraged anyone who suspects fraud to report it immediately, assuring victims that they will be supported and protected.
With regulatory reform on the horizon and a firm stance from state authorities, Montana is making it clear that crypto scammers are no longer welcome in Big Sky Country.
