The FBI’s Operation Level Up has successfully identified over 4,300 victims of cryptocurrency investment fraud since its launch in January 2024, saving more than $285 million.
With assistance from the U.S. Secret Service, the initiative proactively alerts victims—many of whom are unaware they are being scammed.
These scams, known as “pig butchering,” involve criminals building trust with victims online before introducing fraudulent investment schemes. Victims are manipulated into investing increasing amounts in seemingly lucrative cryptocurrency platforms, only to find they cannot withdraw their funds.
“The old adage that ‘if it sounds too good to be true, it probably is,’ holds true for cryptocurrency,” said Brett D. Skiles, acting Special Agent in Charge of FBI Miami. He urged potential investors to research thoroughly, remain cautious, and report scams immediately.
In 2023, Florida ranked second in cryptocurrency fraud complaints, with over 5,000 reports and losses exceeding $390 million. These scams often originate from organized crime networks in Southeast Asia, the Middle East, Africa, and South America.
The FBI warns the public to be wary of unsolicited investment pitches, requests to move conversations to encrypted apps, and high-return claims. Victims are urged to stop sending money immediately and report fraud to the FBI’s Internet Crime Complaint Center at IC3.gov.
For more information, visit FBI.gov/scams.
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