Cryptocurrency Investment Fraud (CIF), commonly known by the disparaging term “pig butchering,” is a confidence-based investment scam where subjects target victims online and elicit a friendship or relationship prior to introducing a fraudulent cryptocurrency investment opportunity. Victims are coached to invest more and more money into what appears to be an extremely profitable platform, only to be unable to withdraw their funds.
This version of the confidence scam originated out of Southeast Asia (Thailand, Myanmar, Laos, and Cambodia), and most of the organized crime groups throughout Southeast Asia, the Middle East, Africa and south America are targeting victims in the United States.
The FBI has launched Operation “Level Up” as a proactive approach to identify and notify victims of this scam to prevent further financial loss. Level Up was initiated in January 2024, with the support of agents from the FBI and the United States Secret Service. Sophisticated cyber techniques have enabled agents to identify active victims en masse. Several thousand victims across the United States were notified between 01/23/2024 and 12/31/2004. Because the investment phase of these scams last multiple months, the Level Up’s early notification efforts have likely saved victims significant financial harm and saved lives.
To show the impact of Operation Level Up, here are aggregated statistics to date January 2025.
- Victims notified: 4,323
- Estimated savings to victims: $285,639,9691
- % of victims who were not aware that it was a scam prior to notification: 76%
- Identified victims disseminated to foreign partners: 526
- Victims referred to a Victim Specialist for suicide intervention: 42
We’d like to show examples of how Operation Level Up prevented victim loss:
- Victim stated the FBI stopped them from liquidating their 401k to invest an additional $500,000.
- Victim was in the process of selling her house to invest an additional $500,000.
- Victim was going to use the platform to raise money for her cancer treatment.
- Victim was in the process of getting a $400,000 loan to send to the scam.
What should a victim do if they think they are being scammed?
a. If you feel that you are a victim of a cryptocurrency investment fraud, immediately stop sending money and file a report with IC3 as soon as possible. Crime reports are used for investigative and intelligence purposes. Rapid reporting can also help support the recovery of lost funds.
b. Be aware of who you are communicating with online. If you met someone online or through an unsolicited text message and that person pitched an investment opportunity, beware: this is likely cryptocurrency investment fraud.
c. One of the most common tactics these criminals employ is a false sense of urgency or isolation. For this reason, the FBI urges the public to “Take A Beat” by resisting pressure to act quickly, pausing for a moment, and assessing the situation. It’s better to be safe than scammed.
https://www.fbi.gov/news/press-releases/fbi-takes-action-to-protect-your-hard-earned-money
For more information about Operation Level Up and what to look out for, please visit fbi.gov/levelup and fbi.gov/scams.
John Morales
Special Agent in Charge, FBI El Paso

With El Paso so close to the Mexican border and Mexico in the throws of revolutionary struggle during the early 1900s, southwest Texas became a key focus of the Bureau soon after its founding in 1908. As the FBI heads into its second century, the El Paso Division remains committed to protecting the people and defending the nation while upholding the rule of law and the civil liberties of all.