The Federal Bureau of Investigation (FBI) is taking action to address the growing problem of pig butchering. Pig butchering is a fraudulent crypto scheme where bad actors build relationships and gain the trust of their victims to later encourage them to invest in fake investment opportunities.

The FBI states that an initiative called Operation Level Up aims to save victims from losing their money by using sophisticated techniques to identify people who are actively being defrauded. The agency then promptly intervenes by calling them directly. The agency says that as of January, it has notified more than 4,300 potential victims, saving them an estimated $285 million.

One of the victims was planning to invest an additional $1 million before he was contacted by the FBI. Another was planning to sell her house for a $500,000 investment, and another withdrew $500,000 from his retirement account. The FBI says the victims did not make further investments after the intervention.

The agency says most of the victims were also unaware that they were being scammed, and some were so emotionally impacted that they were referred to the FBI Victim Services Division for support or suicide intervention.

James Barnacle, deputy assistant director of the FBI’s Criminal Investigative Division, states, “It’s a growing problem, and it’s a big problem affecting many Americans. It’s really important for us to intervene and interdict and try to do something.”

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