FBI saved victims $285m from crypto scams
The U.S. Federal Bureau of Investigation (FBI) announced that its "Operation Level Up" has successfully thwarted cryptocurrency scams, sparing victims from losing an estimated $285 million. In a February 13 report, the FBI detailed its forward-thinking strategy of spotting and warning people targeted by fraudsters, especially in "pig butchering" scams, a type of confidence-based cryptocurrency investment fraud.
Through advanced methods, the FBI identifies potential victims as scams unfold and contacts them directly by phone. By January 2025, the agency had reached out to more than 4,300 people, stopping them from losing money. Among those rescued were an individual about to invest $1 million and another set to sell their house for $500,000 to fund a sham deal. These timely interventions allowed them to back out, avoiding devastating financial damage.
The report emphasizes the rising tide of cryptocurrency scams, with perpetrators growing more cunning. These scammers often prey on victims through social media, investment forums, professional networking sites, dating apps, or random text messages. Typically, victims only discover the deception after their funds vanish.
Those most vulnerable include people aged 30 to 60, especially tech-savvy investors chasing lucrative returns. The FBI reported that crypto-investment fraud losses hit $3.9 billion in 2023, a number likely understated due to unreported cases. The agency also fields around 3,200 crypto-scam complaints monthly.
To protect themselves, the FBI urges the public to approach investment offers with caution and doubt. A key tip is to pause and reflect before committing money, as scammers often push victims to act fast by manufacturing urgency.
The report underscores the FBI’s dedication to tackling cryptocurrency fraud by proactively safeguarding potential victims, while also serving as a stark reminder for investors to stay vigilant.
