The FBI’s Operation Level Up has been instrumental in preventing crypto investment fraud and saving thousands of potential victims from losing millions of dollars. Launched as a proactive initiative, the program identifies individuals who are being targeted by scammers and intervenes before they fall victim to fraudulent schemes.
Since its inception, Operation Level Up has successfully thwarted over 4,300 potential victims from losing an estimated $285 million, according to the FBI’s Criminal Investigative Division. James Barnacle, deputy assistant director of the division, emphasized the severity of the issue, stating that it is a widespread problem affecting many Americans.
Crypto investment fraud, commonly known as “pig butchering,” involves scammers building relationships with victims online before deceiving them into investing in fake trading platforms with inflated returns. Victims often end up losing substantial amounts of money and face emotional distress. The FBI’s intervention not only prevents financial losses but also provides support services to victims who may be in distress.
Through real-time tracking of scams, the FBI reaches out to potential victims before they make additional investments. The program has successfully prevented individuals from investing large sums of money, such as one investor who was planning to put in $1 million and another who was about to sell her home for a $500,000 investment.
In collaboration with domestic and international partners, the FBI works to shut down illicit domains and accounts associated with fraudulent schemes. Financial institutions and private companies receive alerts to prevent further transactions on these platforms. The FBI advises the public to be cautious of unsolicited investment opportunities, especially those involving cryptocurrencies.
The FBI’s Internet Crime Complaint Center (IC3) reported a staggering $3.9 billion in crypto investment fraud losses in 2023, with “pig butchering” alone causing $3.6 billion in losses globally in 2024. Scammers target victims through various channels, including social media, professional networks, text messages, and dating platforms, luring individuals with promises of high returns and financial security.
If individuals suspect they have fallen victim to crypto fraud, the FBI recommends contacting their bank immediately and filing a complaint with law enforcement agencies. It is crucial to have open discussions with friends and family about potential scams to prevent further victimization.
Operation Level Up continues to play a crucial role in combating crypto investment fraud and protecting individuals from falling prey to fraudulent schemes. The FBI’s efforts underscore the importance of vigilance and caution when engaging in investment opportunities, particularly in the ever-evolving landscape of cryptocurrency.