FBI issues urgent crypto scam warning after rescuing victims
The Federal Bureau of Investigation (FBI) has issued a public warning about the increasing threat of cryptocurrency scams after intervening to save thousands of victims from financial ruin.
The agency’s latest initiative, Operation Level Up, prevented an estimated $285 million in losses between January 2024 and January 2025 by identifying and alerting individuals targeted by fraudsters, according to Cointelegraph.
According to the FBI, more than 4,300 potential victims were intercepted before they could fall prey to romance scams and “pig butchering” schemes—a form of fraud in which criminals build trust with victims before coercing them into fake investment opportunities.
Billions lost, AI threats rising
The FBI’s intervention comes amid growing concerns over crypto-related fraud. In 2023 alone, Americans lost more than $5 billion to such schemes, with elderly individuals being among the most frequent targets.
The bureau has also raised alarms about the increasing use of artificial intelligence to create sophisticated scam websites and social engineering tactics, predicting a further surge in fraud cases in 2025.
“Criminals engaging in cryptocurrency investment fraud will instill a false sense of urgency or isolation,” the FBI warned in its announcement. The agency is urging the public to pause and assess before making financial decisions, promoting the “Take A Beat” campaign to encourage skepticism toward unsolicited investment opportunities.
As part of its ongoing efforts, the FBI has frozen millions of dollars in fraudulent crypto transactions and seized assets linked to scam operations. Authorities continue to monitor emerging threats, urging investors to remain vigilant and report suspicious activity.
The FBI reportedly raided the home of Polymarket CEO Shayne Coplan on last November 13, seizing his phone and electronic devices. The raid suggests a potential federal investigation into Polymarket’s activities, especially its role in political betting.
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