FBI saves 4,300 crypto fraud victims $285M

The FBI's Operation Level Up has notified over 4,300 victims of ongoing cryptocurrency investment fraud, preventing an estimated $285 million in losses since launch.

The FBI has launched Operation Level Up, a proactive initiative to identify and directly contact victims actively being defrauded through cryptocurrency investment scams. These confidence-enabled schemes, often called "pig butchering," involve criminals building trust through fake online relationships before presenting fraudulent cryptocurrency investment opportunities. Victims are shown realistic-looking platforms displaying false profits to encourage additional investments, with some losing their entire life savings, homes, or retirement accounts.

As of January 2025, the FBI has contacted more than 4,300 potential victims, saving them an estimated $285 million. Many victims were unaware they were being scammed, with some planning significant additional investments—including one victim preparing to invest $1 million and another planning to sell her home for a $500,000 investment—before FBI intervention. The FBI's Internet Crime Complaint Center received reports of $3.9 billion in cryptocurrency investment fraud losses in 2023 alone, with approximately 3,200 new complaints filed monthly.

The operation uses sophisticated techniques to identify active fraud victims and intervenes by calling them directly. Beyond victim notification, the FBI is pursuing a multi-pronged approach targeting the financial infrastructure and organized crime groups behind these schemes, working with domestic and international partners. The Bureau shares identified illicit domains and accounts with the private sector and emphasizes prevention through education, urging the public to research investments independently and be cautious of unsolicited investment opportunities from online contacts.

Source reporting: https://www.fbi.gov/news/stories/operation-level-up-how-the-fbi-is-saving-victims-from-cryptocurrency-investment-fraud