FBI director pledges crackdown on crypto fraud

FBI Director Kash Patel pledges a crackdown on crypto fraud after Americans lost $20.9B to cybercrime last year, with over half involving crypto. The FBI is ramping up efforts to combat scams and recover assets.

FBI Director Kash Patel has issued a stern warning to cryptocurrency fraudsters, stating that the FBI will intensify efforts to pursue those behind cyber scams targeting Americans. This announcement follows a surge in crypto-related cybercrime, with Americans losing a record $20.9 billion to cybercrime last year—over half of which involved cryptocurrency. The FBI, through initiatives like Operation Level Up, is focusing on sophisticated scams such as "pig butchering," fake exchanges, and fraudulent DeFi protocols. Elderly Americans have been particularly impacted, accounting for nearly a third of the total losses. In response, the FBI has expanded its digital asset tracking and recovery operations, freezing more than 3,000 illicit wallets and recovering approximately $500 million. The agency's renewed commitment is expected to result in increased investigations and regulatory actions to protect investors and uphold market integrity.