Latest news with #OperationLevelUp
Yahoo
24-04-2025
- Yahoo
FBI Says Americans Lost $9.3B to Crypto Scams in 2024
Americans reported a record $9.3 billion in losses to cryptocurrency-related crimes in 2024, according to a report by the Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center (IC3). The losses represent a 66% jump from 2023 and highlight the growing use of digital assets in online fraud schemes. The annual IC3 report says nearly 150,000 complaints linked to crypto, with investment fraud leading the way. In these schemes, scammers often pretend to offer high returns on fake cryptocurrency platforms, coaxing victims to transfer funds that are then siphoned away. The FBI also spotlighted 'pig butchering' scams, where fraudsters build online relationships before pushing fake crypto investments. Crypto investment schemes led to $5.8 billion in losses, while the second-largest category by losses at $1.1 billion were data breaches. Elderly Americans bore the brunt of the damage. Individuals over 60 reported $2.8 billion in losses through crypto-related crimes—more than any other age group— up from $1.65 billion in 2023 and $1.08 billion in 2022. The second-most affected age group, those aged 40-49, suffered $1.4 billion in losses, while those under the age of 40 suffered combined losses of around $1.37 billion. Over 8,000 of the complaints stemmed from people over 60 and related to fake investment opportunities, while others fell victim to tech support fraud and impersonation schemes, often involving cryptocurrency ATMs. Operation Level Up, a government initiative launched in January 2024, identified thousands of victims of crypto investment fraud and prevented an estimated $285 million in further losses, per the report. It referred 42 victims for suicide intervention.
CBS News
01-04-2025
- CBS News
Maryland woman loses millions in crypto "pig butchering" scam as FBI warns of more targets
Baltimore's FBI field office is warning about a growing cryptocurrency scam that is costing some victims their life savings. The scammers, frequently based in Southeast Asia, slowly gain the trust of their targets and then convince them to give money to buy cryptocurrency. A Maryland woman said she lost millions of dollars. She told WJZ Investigator Mike Hellgren she is embarrassed about the ordeal but wanted to tell her story to protect others. "I put in over $3 million into this, and it showed that I was making almost maybe like 80% profit," the victim said. WJZ disguised her voice, and we are protecting her identity at her request. "I never thought I would actually fall into something this crazy. I was so humiliated. It was very hard," she said. "You trust somebody, and you get betrayed. It really hurts more than the money part." The victim told Hellgren the female scammer first reached out to her unsolicited through a Korean messaging app and spent several weeks earning her trust. The scammer then slowly asked for money to invest in crypto for her. The victim shared screenshots with WJZ Investigates. The victim said the investment portfolio looked like the real thing, and she was first directed to the legitimate Coinbase website before being taken to other sites. "When she got a lot more of my trust, more money would be poured in," the victim said. "Unless you know what you're doing, you're not going to be able to tell—especially if you've never done crypto before." Often, the FBI said victims can withdraw a small portion of their money first to build trust. The scammers eventually take it all. The victim called it "the biggest mistake I've ever made." "I actually did see a couple red flags, and I decided to ignore it because I just kind of told myself, well, I've got to trust this person," she admitted. "It got to a point where I put so much in, I was just desperate for it to work." Sarah Lewis, an agent in Baltimore's FBI field office, learned this victim was being scammed through Operation Level Up, the bureau's program to crack down on these crypto scams. The scammers often prepare their targets in case law enforcement gets involved by coaching the victims on what to say. "When I spoke to her initially, she told me she wasn't being scammed, and she gave me specific language I knew came directly from the scammer," Lewis said. Lewis said many victims do not believe her when she calls. She asks them to do their research and warns them not to give more money to the fraudsters. "I tell them you don't have to believe me, but don't send them any more money," she told WJZ Investigates. Because of how vicious it is, the scam is commonly known as "pig butchering." Many victims are in their 50s and older, but not all of them. "They find the victims: They fatten the pig by increasing the amount of money that the victim is depositing into this fraudulent account that they believe they're investing in, and then the slaughter happens when the scammers disappear and the victim loses all of their money," special agent Lewis explained. Her colleague, special agent Jeremy Capello, said targets are often victimized again. "They will have lost hundreds of thousands of dollars to this scam, and then they are contacted again by these same scammers pretending to be recovery companies, where they will tell the victim, 'We can recover your cryptocurrency if you pay us a fee,'" Capello said. Of the websites that the criminals create, he said, "You would never know it's a fake website." Most victims will never see their money again, although it is urgent for victims to act quickly to report what happened to authorities and give them the best chance of recovering anything. "Once that money leaves, it goes to the bad guys, and it's gone," Capello said. In one Maryland case, a man in his 80s was scammed over Facebook and ended up taking his own life after losing his life savings. The victim who lost millions told WJZ she was lucky to have a strong family support system. "It's money, and as hard as it is and how humiliating as it is and how hurtful as it is, it's not worth your life," she said. The FBI said the fraud is a vicious cycle and some of the scammers are victims of human trafficking and forced labor—threatened to make these contacts as they work out of warehouses in Southeast Asia. The FBI cautions you should not respond to unsolicited messages and never invest your money with people and organizations you do not know. Agents said many times that the scammers will not want to communicate over the phone and will direct victims to encrypted messaging platforms like WhatsApp. Nationwide as of January 2025: If you believe you might be a victim of this pig butchering crypto scam, you can report it to the internet crime complaint center at .
Yahoo
27-02-2025
- Yahoo
FBI operation aims to reduce number of cryptocurrency investment fraud victims
LITTLE ROCK, Ark. – The FBI is warning people of a new scam following the rise of cryptocurrency; it's become a new playing field for scammers, creating cryptocurrency investment fraud scams. The FBI identified that the largest group of victims range between 30 and 60 years old. 'It's the largest, most prevalent, and costly fraud that's out there,' FBI Supervisory Special Agent Peyton Tucker said. 'Criminals are looking online, they are looking to identify potential victims, they build relationships with the victims.' Little Rock FBI explains growing threat of financial sexual extortion cases among minors 'They are going to ask them to invest in some type of cryptocurrency, they will have them invest in some type of platform, and get them to put money in and they will show what appears to be a rise,' Tucker said. Tucker says when the victim asks for the money back, 'there is no money.' Through its Operation Level Up, the FBI is trying to lower the number of Cryptocurrency investment fraud victims. 'What we are trying to do is identify victims, reach out to them, and let them know that they are victims or potential victims of a scam,' Tucker said. According to Operation Level-Up, 76% of victims who are contacted are unaware they are being scammed. Each victim receives the help and knowledge they need to prevent further victimization and financial loss. 'They had my daughter's demeanor, I mean everything about her' Morrilton couple targeted by scam impersonating daughter Below are some tips directly from the FBI on how to help protect yourself from these scams: Do not release any financial or personal identifying information, and do not send any money to someone you met online. Do not invest solely based on the advice of someone you met online. Do not download or use any unfamiliar applications or click on any links sent to you by someone you met online. Do not pay any additional fees or taxes to withdraw money you have invested in a potential scheme. Do not pay for services that claim to be able to recover lost funds, as these are often scams as well. More information about Operation Level Up and what to look out for can be found on If you think you may be a potential victim, you should stop sending money immediately and file a report with the FBI's Internet Crime Complaint Center at or call 1-800-CALL-FBI. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
17-02-2025
- Business
- Yahoo
Operation Level Up: FBI approach to prevent cryptocurrency investment fraud losses
HOUSTON - The FBI is taking a new approach to help save victims from cryptocurrency investment fraud. It's called Operation Level Up, and they say it's already saved thousands of victims more than $285 million. Victims reported losing nearly $4 billion to investment fraud related to cryptocurrency in 2023, according to the FBI's Internet Crime Complaint Center, or IC3. But victims don't always stop interacting with scammers, even after reporting being scammed. SUGGESTED: Houston woman loses her savings in elaborate scheme, wants to warn others The FBI is now reaching out to victims. The backstory "They were promising outstanding returns," said a Florida man who reported he was duped in an investment scam. Speaking anonymously with our sister station, he described how he was duped by someone on a messaging service into investing $315,000 in a bogus online investment program. "People think it could never happen to you. But I'm an extremely pragmatic fellow, and it happened to me," he said. In a few months, he says his account showed $6 million. "They were exaggerating the investment returns. That was one of the things that made me suspicious," he said. The FBI says investment scams are all too common. RELATED: Houston-area couple battles Wells Fargo after $40,000 disappears from business account They say a scammer will send you messages over text or social media, befriend you, then bring up an investment opportunity. Sometimes they'll create fake websites, showing fake profits, or let victims withdraw some profits just to get them to invest more. "When we have people reporting being victims, we have victims reporting their losses, it allows us to look at the trends, the typologies, to match up the type of criminals that we see out there," said James Barnacle, FBI Deputy Assistant Director. What's next The FBI launched Operation Level Up, saying they've contacted 4,300 victims so far who reported being scammed to and stopped them from losing an additional $285 million. "We call them, and we talk to them, and we tell them they are the victim of a scam," said Barnacle. "And not only are we saving people's money, but we're saving lives by doing this," said Julia MacBeth, FBI Supervisory Special Agent. Sometimes they'll refer victims who are distraught to the FBI Victim Services Division. Get news, weather and so much more on the new FOX LOCAL app "If we can stop somebody from just investing that little bit, or catching them before they pay the final fees to get out of this scam, then we may be making a big difference in their lives," said MacBeth. Back in Florida, the victim says the Port St. Lucie Police were able to get his money back. But most investment scam victims are not so lucky. What you can do If you've reported being scammed and the FBI contacts you, they say it will be by phone or email, and give you a way to verify that it's really the FBI. If you think you're being scammed, they say take a beat. Scammers will often create a false sense of urgency. Report it right away to and your bank. Reach out to family and friends for support and let them know what to watch out for, too. The Source Information from this article is from the Federal Bureau of Investigation.
