FBI's Operation Level-Up: Saving Millions from Cryptocurrency Scams

The Federal Bureau of Investigation (FBI) has launched a significant initiative, Operation Level-Up, to combat the escalating issue of cryptocurrency scams, specifically targeting a fraudulent scheme known as "pig butchering." This scheme involves criminals building relationships and gaining the trust of their victims before encouraging them to invest in fake investment opportunities.

As of January, the FBI has notified over 4,300 potential victims through this operation, saving them an estimated $285 million. The agency employs sophisticated techniques to identify individuals actively being defrauded and intervenes promptly by contacting them directly. One victim planned to invest an additional $1 million, while another was prepared to sell their house for a $500,000 investment. A third victim had withdrawn $500,000 from their retirement account. All these victims refrained from further investments after the FBI intervention.

Many victims were unaware they were being scammed and some were so emotionally impacted that they were referred to the FBI Victim Services Division for support or suicide intervention. James Barnacle, deputy assistant director of the FBI’s Criminal Investigative Division, emphasized the growing nature of this problem and the importance of intervention to protect Americans.