The FBI is taking the fight against crypto fraud to its attackers and says it has already saved more than 4,300 victims over $285 million.
The government initiative, dubbed Operation Level Up, is attempting to lessen the estimated $3.9 billion in losses from investment fraud related to cryptocurrency in 2023 alone.
The FBI Internet Crime Complaint Center, known as IC3, has reported around 3,200 cryptocurrency investment fraud complaints every month. These are known by agencies by the derogatory term “pig butchering,” although the FBI labels them confidence-enabled cryptocurrency investment fraud.
James Barnacle, deputy assistant director of the FBI’s Criminal Investigative Division, said: “It’s a growing problem, and it’s a big problem affecting many Americans.”
These scammers are typically professionals that know how to gain trust, often offering great returns on investments, before making their moves. Victims have told investigators they lost entire life savings, retirement accounts and even homes.
Many of the victims are between the ages of 30 and 60, are tech savvy, and actively seeking financial investment opportunities. As such, the attackers use social media, p…
