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Losses to cryptocurrency fraud continue to increase year-on-year in the U.S., according to the FBI.
About $11.4 billion was lost by Americans to cryptocurrency fraud in 2025, according to the FBI’s Internet Crime Report released on Monday, up 22% from 2024.
The average loss was $62,604 per victim, the FBI said, adding that nearly 18,600 complainants lost over $100,000.
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Cryptocurrency investment fraud was the most common type of cryptocurrency fraud reported by users, with 61,559 complaints, according to the report. Extortion was a distant second with 23,797 complaints, followed by tech/customer support impersonations with 17,355.
Investment fraud also accounted for the most losses, totaling about $7.3 billion, according to the report. Tech/customer support scams accounted…
THE TUTUKA POWER STATION PROCUREMENT FRAUD (ESKOM)
Date: August 29, 2025 Perpetrator: Jessie Phindile Kubheka (Supplier Director)
Case Description: As part of the ongoing “cleaning up” of Eskom, Jessie Phindile Kubheka was sentenced to 12 years (with 5 years suspended) for defrauding the Tutuka Power Station. The case involved a sophisticated procurement syndicate that exploited Eskom’s emergency repair protocols. Kubheka’s company was contracted to deliver three high-specification containers for the power station. Only one container was ever delivered, and even that single unit failed to meet the required safety and technical specifications.
Despite the lack of delivery, Kubheka issued grossly inflated invoices, defrauding the utility of approximately R2.6 million. The Middelburg Specialised Commercial Crimes Court ordered Kubheka to repay the full amount. This case is significant because it marks a shift in Eskom’s strategy toward “naming and shaming” suppliers and pursuing full asset recovery. It serves as a stark warning to contractors that the 2026 climate of “Zero Tolerance” for state-owned enterprise (SOE) fraud is backed by active judicial enforcement.
Link to Original: Eskom Official – Tutuka Fraud Sentencing