The FBI has already notified over 4,300 potential victims, which prevented an estimated $285 million in losses through Operation Level-Up, which is the agency’s proactive initiative to protect people at risk of cryptocurrency fraud.
Using advanced investigative techniques, the agency directly contacts potential victims to warn them before they fall into a trench set of perpetrators.
“It’s a growing problem, and it’s a big problem affecting many Americans,” James Barnacle, deputy assistant director of the FBI’s Criminal Investigative Division said in an announcement.
According to the FBI’s Internet Crime Complaint Center (IC3), victims reported an estimated $3.9 billion in cryptocurrency-related investment fraud losses in 2023. However, this figure likely underrepresents the true scale as many cases go unreported. Each month, IC3 receives around 3,200 complaints about these scams.
These fraudulent operations, often referred to as big butchering scams, are meticulously orchestrated. Scammers present themselves as trustworthy figures, leveraging social media, professional networking sites, and dating platforms to catch victims. Most affected individuals fall within the 30-60 age range.
The federal agency has saved many individuals who were on the verge of making substantial investments. For instance, the blogpost reads: “One victim contacted by the FBI told agents he was planning to invest an additional $1 million before he picked up their call. Another planned to sell her home to make a $500,000 investment, and another withdrew $500,000 from his retirement account. After the FBI’s intervention, these victims did not make any further investments.”
With Operation Level-Up, the agency is not only saving victims from financial ruin but also targeting back against the global network of cybercriminals.
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