FBI Cracks Down on Crypto Scams with Operation Level Up

FBI Director Kash Patel has vowed to take stronger action against crypto fraud networks, emphasizing that enforcement actions will continue to expand. Operation Level Up is a new initiative focused on identifying and assisting victims before they lose additional funds.

The FBI notes that cybercriminals are targeting people from all backgrounds, with billions of dollars lost to cyber-enabled fraud last year. Cryptocurrency-related schemes accounted for a significant share of those losses.

Patel emphasized that the FBI is concentrating on criminal organizations behind the scams rather than the underlying technology itself. He warned scammers in a post on X on June 19 that the agency would find those responsible and bring them to justice.