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The FBI’s initiative to counter crypto investment fraud has helped thousands of victims avoid losing millions of dollars since its launch, according to a Feb. 13 press release.

Dubbed Operation Level Up, the program proactively identifies individuals in the midst of being scammed and intervenes before they lose their money.

Since its launch, the initiative has saved more than 4,300 potential victims from collectively losing an estimated $285 million, according to the FBI’s Criminal Investigative Division.

James Barnacle, deputy assistant director of the division, said:

“It’s a growing problem, and it’s a big problem affecting many Americans.”

Crypto investment fraud, often referred to as “pig butchering,” involves scammers cultivating online relationships — romantic, professional, or platonic — before luring victims into fraudulent investment schemes.

These fraudsters use fabricated trading platforms that display inflated returns, leading victims to pour more money into the scam. When they attempt to withdraw their funds, they are denied access.

Under Operation Level Up, the FBI tracks these scams in real-time and directly contacts victims before they commit additional funds. One targeted investor, planning to invest another $1 million, was warned in time by the FBI, while another was about to sell her home for a $500,000 investment before receiving an intervention call.

Beyond financial losses, victims often face emotional devastation. Some require support services or suicide intervention, underscoring the psychological toll of these scams, according to the FBI.

The FBI is urging the public to be cautious of unsolicited investment opportunities, especially those involving crypto. Operation Level Up not only warns potential victims but also gathers intelligence to track and dismantle the criminal networks behind these frauds.

The FBI is collaborating with domestic and international partners to shut down illicit domains and accounts. Financial institutions and private companies receive alerts on fraudulent platforms to prevent further transactions.

The FBI’s Internet Crime Complaint Center (IC3) reported $3.9 billion in crypto investment fraud losses in 2023. Meanwhile, “pig butchering” alone accounted for $3.6 billion in losses globally in 2024.

Officials believe the true figure is even higher, as many victims do not report or underreport their losses. On average, 3,200 complaints related to crypto scams are filed with IC3 each month.

Scammers target victims through social media, professional networking sites, text messages, investment groups, and dating platforms, often convincing even tech-savvy individuals to invest. Many victims, aged 30 to 60, are drawn in by the promise of financial security and high returns.

For those who suspect they are victims of crypto fraud, the FBI advises contacting their bank immediately and filing a complaint with the relevant law enforcement agencies. It also encouraged individuals to discuss potential scams with friends and family to prevent further victimization.

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