In an effort to combat the sharply increasing cryptocurrency fraud, the FBI has just launched Operation Level Up, which has saved over 4,300 victims from losses of up to $285 million. This campaign aims to mitigate damages from cryptocurrency investment scams, estimated at up to $3.9 billion just in 2023.

The Trick "Pig Butchering" and the Fraud Target

According to reports from the Internet Crime Complaint Center (IC3) of #FBI , around 3,200 complaints related to cryptocurrency investment fraud are filed each month. These scams are often negatively referred to as "pig butchering" – implying fattening the prey with promises of huge profits before suddenly seizing all assets.

James Barnacle, Deputy Director of the FBI's Criminal Investigation Division, stated:

"This is an increasingly significant problem, affecting many Americans."

Fraudsters are often psychological experts, knowing how to build trust by promising extremely attractive investment returns. Once they gain trust, they will gradually seize the victim's assets.

Victims Losing a Lifetime of Savings

Victims are often aged 30 to 60, have technological knowledge, and are seeking financial investment opportunities. Fraudsters often prey on social media, professional networking sites, investment groups, and even dating websites.

Some typical cases:

  • One victim almost invested an additional $1 million in the scam project.

  • Another person intended to sell their house to invest $500,000.

  • Another victim withdrew half a million dollars from their retirement account to invest.

Thanks to the timely intervention of the FBI, these individuals escaped the financial trap.

Sophisticated Tricks of Fraudsters

James Barnacle said:

"Victims are invited to invest with promises of high returns. On paper or through electronic applications, their accounts seem to be making good profits. But in reality, these are just fake accounts, and when the victim tries to withdraw funds, they are denied."

FBI Warnings and Preventive Recommendations

To protect the public, the FBI is implementing various warning and educational measures to prevent fraudsters from targeting vulnerable individuals. This also helps the FBI gather information and dismantle criminal organizations both domestically and internationally.

An important piece of advice from the FBI is:

"Never rush to make a decision. Take time to calmly assess the situation before acting."

Conclusion

The FBI's #OperationLevelUp has achieved significant success in thwarting sophisticated cryptocurrency scams. However, with the continuous development of technology, the risk of fraud remains ever-present. Vigilance and caution when investing are key to protecting your assets from bad actors.

Note: The cryptocurrency market always carries high risks and volatility. Investors should carefully consider before participating and only invest money they can afford to lose. #anhbacong