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The US Federal Bureau of Investigation says it helped save an estimated $285 million that victims would have lost to cryptocurrency scams.

According to a report published on Feb. 13, the FBI pointed to an initiative dubbed “Operation Level Up” as having seen law enforcement help potential victims of  “pig butchering save millions of dollars from crypto fraudsters.

This initiative managed to save about $285 million that victims of “confidence-enabled cryptocurrency investment fraud” would have lost.

“Level Up is a proactive initiative to identify and notify victims of cryptocurrency investment fraud. Using sophisticated techniques, the FBI identifies victims who are actively being defrauded and promptly intervenes by calling those victims directly,” the FBI wrote in the report.

As of January 2025, the FBI’s effort has seen the agency contact over 4,300 people, potential victims that nearly lost hard-earned money. Those notified of ongoing crypto scams and helped include an individual who was about to invest $1 million and another that had plans to sell their home for $500,000.

The FBI’s intervention saw the individuals recoil from the investments, saving themselves of potentially huge losses. In November, the FBI said it was investigating a $5 million crypto romance scam.

Per the report, the public need to note that scammers are highly-skilled and experienced professionals.

Most likely to fall prey to the fraudulent schemes are those aged between 30 and 60, the tech-savvy and active investors eyeing the next investment gem. Apart from social media, the scammers scour the ecosystem for targets via text messages, investment groups, networking websites and dating websites. Most people only realize they are victims after they have lost money.

In 2023, for instance, the FBI recorded complaints that reached $3.9 billion in money lost in crypto-related investment fraud. While the figure is significant, authorities say underreporting means it could be much higher. 

The FBI says it receives roughly 3,200 complaints related to crypto scams every month.

One way to avoid falling victim is to “take a beat”. This means pausing for moment to consider the offer. An assessment will likely note the “false sense of urgency” that criminals try to paint.