Operation Level Up
The FBI’s proactive approach to identify and notify victims of cryptocurrency investment fraud and prevent further financial loss
Operation Level Up began in January 2024 to identify victims of cryptocurrency investment fraud and notify them of the scam. The operation was initiated with the support of agents from the FBI and the United States Secret Service (USSS).
Cryptocurrency investment fraud, also known as "pig butchering," is a confidence-based scam. In these types of scams, subjects target victims online and develop a friendship or relationship before introducing a fraudulent investment opportunity in cryptocurrency. Victims are coached to invest more and more money into what appears to be an extremely profitable platform, only to be unable to withdraw their funds.
Operation Level Up has also identified victims of other types of scams, such as work-from-home scams, where scammers pose as employees of legitimate companies and recruit victims for work-from-home, online-only positions. When a victim expresses interest, the scammer provides online training. Once trained, the victim will begin to perform a series of tasks that require the victim to deposit their own money, via cryptocurrency or money transfers, into a platform for the job to be completed.
These scams originated in Southeast Asia and are being perpetrated by organized crime groups operating from scam compounds in Southeast Asia, the Middle East, Africa, and South America.
Cryptocurrency Investment Fraud
Cryptocurrency investment fraud, which the media commonly describes as pig butchering, is one of the most prevalent and damaging fraud schemes today.
Impact of Operation Level Up
Sophisticated investigative techniques have enabled Level Up agents to identify victims early in these schemes. Such efforts have likely resulted in significant savings to victims across the United States.
As of January 2025:
- The FBI has notified 4,323 victims of cryptocurrency investment fraud.
- 76% of those victims were unaware they were being scammed.
- The estimated savings to victims is $285,639,989.1
- 42 victims have been referred to an FBI victim specialist for suicide intervention.
Some victims have reported that—prior to being notified by the FBI about the scam—they were in the process of liquidating their 401K, selling their home, or obtaining a sizeable loan. One elderly victim was surviving on disability pay; he had already paid the scammers $1,200 and would have cut into money he needed for food to pay more.
Be aware of who you are communicating with online. Here are some signs you may be a victim:
- Meeting someone online or through an unsolicited text message and having that person pitch an investment opportunity.
- If the person requests to move the conversation to an encrypted messaging application.
- Claims of high returns and a pressure to quickly invest.
- If the person you’re talking to requests that you limit contact with financial advisors and family.
- Difficulty trying to withdraw your funds or being required to pay previously undisclosed fees and taxes to withdraw your funds.
If you think you are a victim of cryptocurrency investment fraud:
1. Immediately stop sending money and file a report with the FBI's Internet Crime Complaint Center (IC3) as soon as possible. Crime reports are used for investigative and intelligence purposes. Rapid reporting can also help support the recovery of lost funds.
2. Do not release any financial or personal identifying information or pay any additional fees or taxes to withdraw money you have invested in a potential scheme.
3. Do not pay for services that claim to be able to recover lost funds, as these are often scams as well.
4. One of the most common tactics these criminals employ is a false sense of urgency or isolation. For this reason, the FBI urges the public to "Take A Beat" by resisting pressure to act quickly, pausing for a moment, and assessing the situation. It’s better to be safe than scammed. For more information, visit fbi.gov/scams.
What you should know if you're identified as a possible victim and contacted by the FBI:
When an agent calls a victim, they explain the nature of the scheme and why they believe that person is a victim.
The agent will also provide warnings about other types of scams, guidance on how to file a report with the FBI's Internet Crime Complaint Center (IC3) at ic3.gov, and victim resources, if appropriate.
Level Up agents are not investigating individual victim cases; reporting to IC3 is the first step for a case to be considered. Reporting to IC3 can also help to identify other victims.
It is common for fraudsters to impersonate FBI employees or other government officials and pretend to represent legitimate operations such as Operation Level Up.
Should you be contacted as part of the Operation Level Up process, the FBI employee will provide you with a means to verify their employment and affiliation with the FBI. You can also contact your local field office.
Victims are also asked to file a report with the FBI's Internet Crime Complaint Center (IC3) at ic3.gov. From an investigative standpoint, the FBI receives tens of thousands of similar complaints each year. The FBI is unable to open cases on behalf of every individual victim; however, when victims file reports with IC3, they are in a position to be connected to an ongoing or future case.
Criminals may be aware of our outreach efforts. If you notify the person you are investing with—or receiving investment advice from—regarding contact from law enforcement, they will likely try to coach you on how to respond to us or tell you not to answer our calls.
Remember, FBI Operation Level Up employees will never:
- Offer services or methods to recover lost money or refer you to a service or others promising the same.
- Provide financial accounts — traditional banking, cryptocurrency, or otherwise — to which your money should be sent.
- Ask for sensitive information, such as your address, social security number, or financial account information.
- Ask for login information, such as username and password, for any applications.
- Ask for, or provide instructions on, changing security settings to any accounts or devices.
- Contact you via social media or ask you to move communications to a different platform.
- Ask you to call, speak with, or contact via any other means, another individual apart from the initial caller.
