In 2024, pig butchering scams led to an estimated $5.5 billion in losses, marking them as the largest threat to retail investors and platforms in 2025, according to a report by Cyvers. This alarming trend is part of a broader rise in financial scams, which saw global losses reach approximately $1 trillion in 2023. The FBI has initiated Operation Level Up to warn potential victims of online scams, particularly those involving cryptocurrency investments. Reports indicate that scammers are employing tactics such as creating fake websites that mimic legitimate companies, offering unrealistic discounts and promotions to lure victims. A former scammer has shed light on the mechanics of these operations, revealing how they ensnared victims, including a retiree in Hong Kong who lost his life savings. The FBI's efforts aim to educate the public on recognizing red flags associated with these scams.