Operation 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 contacting those victims.

Since the start of Operation Level Up over a year ago, the FBI has notified more than 4,300 victims spanning all 50 states. Of these victims, 76 percent were not aware they were being scammed. Through these notification efforts, the FBI has saved victims more than $285 million.

“The FBI is committed to protecting citizens from cryptocurrency investment fraud schemes,” said FBI Criminal Investigative Division Assistant Director Chad Yarbrough. “Unfortunately, we continue to see these scams grow and evolve every day. It doesn’t matter where the subjects are—we will use every tool at our disposal to stop them from targeting U.S. citizens. By raising awareness, we can prevent countless people from losing their savings and send a clear message to criminals that these schemes will not be tolerated.”

Cryptocurrency investment frauds are elaborate schemes that often involve unsolicited online contact, a long period of trust building, fake investment opportunities, and a false sense of urgency to send money, perpetrated by individuals typically located overseas who target victims in the United States.

In Operation Level Up, specially trained FBI and U.S. Secret Service Agents are contacting victims directly to prevent further victimization and financial loss. Agents also explain how these crimes work and how to avoid them in the future, outline how to file a report with federal law enforcement, and provide access to mental health and other resources to assist with the impacts of these crimes.

In numerous instances, victims told the FBI that the notification stopped them from liquidating their entire retirement accounts, selling their homes, or taking out costly loans to continue investing in fake cryptocurrency applications. Due to the profound emotional toll these scams can have, dozens of victims contacted through Operation Level Up were referred to the FBI Victim Services Division and provided direct support and lifesaving measures.

The FBI also works through our legal attaché offices located around the world to collaborate with international law enforcement partners and share hundreds of foreign victims identified through Operation Level Up for intervention. Information about illicit applications, websites, and social media accounts are also collected from victims and shared with technology companies for their awareness.

Below are some tips to help protect yourself from these scams:

• Do not release any financial or personal identifying information and do not send any money to someone you met online.
• Do not invest solely based on the advice of someone you met online.
• Do not download or use any unfamiliar applications or click on any links sent to you by someone you met online.
• Do not pay any additional fees or taxes to withdraw money you have invested in a potential scheme.
• Do not pay for services that claim to be able to recover lost funds, as these are often scams as well.

The FBI knows some individuals involved in criminal activity may try to discourage victims from heeding our warnings. It’s important to stay vigilant and cautious if someone advises you to disregard communications from the FBI or provides you with instructions on how to respond to the FBI.

The FBI is launching this public awareness campaign to educate the public, so no one falls victim to these fast-evolving schemes. We also want the public to have information readily available in case they are contacted by the FBI.

If an FBI agent contacts you via phone or email, the FBI will never ask for money, or ask to move communications to private messaging applications, or request bank account details or personal identifying information, other than confirming your identity with information already possessed. When they call or email, agents will provide you with methods you can use to confirm they are truly FBI agents. When in doubt, visit or call your local FBI field office for further clarification.

If you think you may be a potential victim, you should stop sending money immediately and file a report with the FBI’s Internet Crime Complaint Center at ic3.gov or call 1-800-CALL-FBI.