The FBI is fighting back against a surge in “pig butchering” scams – a cruel type of cryptocurrency fraud where criminals manipulate victims into investing in fake opportunities.
How it Works
These scams involve building trust with victims before leading them into fraudulent investments. The FBI’s Operation Level-Up uses advanced techniques to spot these scams in action.
Significant Results
As of January, the FBI has contacted over 4,300 people, preventing an estimated $285 million in losses. In some cases, the intervention stopped victims from investing life-changing sums. One victim was about to invest an extra million dollars, while another was ready to sell their house for a $500,000 investment, and a third had already withdrawn $500,000 from their retirement account. After the FBI’s intervention, none of these individuals proceeded with the planned investments.
Emotional Impact and Support
Many victims were completely unaware they were being scammed. The emotional toll was significant, leading the FBI to refer some to its Victim Services Division for support and even suicide prevention.
FBI’s Response
FBI Deputy Assistant Director James Barnacle highlighted the growing scale of this problem and emphasized the importance of the agency’s proactive intervention to protect Americans.
