The FBI has raised an alarm over the recent surge in crypto scams targeting vulnerable people. Over 4,300 people have been saved from losing money through Operation Level Up, which targets and informs crypto scamming victims.
Scammers often develop pseudo-relationships, gaining trust, only to provide them with bogus investment opportunities. Victims lose money, whether it is lifetime savings, houses, or retirement funds. These “pig butchering” scams, so many people call them, are well conceived and very deceptive.
Operation Level Up has managed to prevent an estimated $285 million worth of losses so far. Victims targeted included individuals intending to spend millions or sell houses and retirement plans. The FBI officers intervene directly, utilizing specialized equipment to find those targeted and prevent them from inflicting further losses.
The victims, usually tech-savvy individuals aged 30 to 60, are targeted via social media, dating platforms, or professional networks. Scammers lure them into fake investment platforms that appear legitimate. Early returns are often staged to gain trust, only for the victims to be blocked from withdrawing funds later.
In 2023, the FBI’s Internet Crime Complaint Center recorded $3.9 billion in reported losses from crypto investment fraud. However, this figure likely underrepresents the actual scale, as many victims remain silent.
Operation level-up saves millions from crypto fraud
Education and awareness are crucial to stopping these kinds of scams. The FBI urges individuals to verify any unsolicited opportunity to invest, as well as exercise skepticism if someone says you shouldn’t listen to any warnings. Operation Level Up also collects information to track and dismantle the rings responsible for these schemes.
The agency also collaborates with international players to break these operations, sharing information with private players to deactivate suspicious domains and accounts. The FBI urges individuals to think twice if offered aggressive investment opportunities and seek advice if targeted.
