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The FBI’s Operation Level Up has saved over 4,300 potential victims from losing $285 million to cryptocurrency scams, preventing life-altering financial losses and exposing fraudulent platforms.
Operation Level Up: Inside the FBI’s Mission to Protect 4,300 From Crypto Fraud
The FBI announced on Feb. 13 that Operation Level Up has successfully prevented victims from losing millions to cryptocurrency investment fraud. The agency explained that the initiative, which identifies individuals actively being scammed and intervenes before they can lose money, has had a major impact, stating:
As of January 2025, the FBI has notified more than 4,300 potential victims, saving them an estimated $285 million.
By directly reaching out to those at risk, the FBI said that it has stopped fraudulent investments, preventing victims from making life-altering financial decisions, such as selling their homes or withdrawing retirement funds.
Launched in 2024, Operation Level Up has targeted increasingly sophisticated cryptocurrency scams, where fraudsters use fake investment platforms and social engineering tactics to deceive victims. Many of these platforms falsely display profits, convincing individuals to invest more money before ultimately blocking access to their funds.
James Barnacle, deputy assistant director of the FBI’s Criminal Investigative Division, detailed:
Victims are solicited to put money into an investment opportunity… However, it’s a dummy account, and when victims try to withdraw their money, they are denied.
The FBI’s intervention has not only protected victims financially but also provided emotional support through its Victim Services Division for those deeply affected by the scams, the agency stressed.
According to the FBI’s Internet Crime Complaint Center (IC3), crypto investment fraud resulted in $3.9 billion in reported losses in 2023, though the true figure is likely higher due to underreporting. The FBI urges the public to be cautious and “take a beat” before making financial commitments. The agency also warns that it will never ask for personal information, money, or asset transfers. Anyone who believes they are a victim of fraud should report it to the IC3.