FBI will find you: Director Kash Patel issues blunt warning to crypto fraudsters

FBI Director Kash Patel has issued a direct warning to crypto fraudsters that their time is up. He posted on X that the bureau will find them and bring them to justice,” a message that arrives as cryptocurrency fraud continues to overtake every other category of cybercrime in America. 

Patel pointed out that crypto fraudsters have been scamming and exploiting the American people for too long. He also attached a video showing the magnitude of the problem crypto scammers are causing unsuspecting victims.

Over the past few months, the FBI has ramped up its public stance on digital asset crime. 

Last year alone, Americans lost over $20 billion to cybercrime, with over half of that amount due to crypto-related fraud. Digital asset crime in the U.S accounted for $11 billion according to data from the FBI Internet Crime Complaint Center (IC3). 

Investment fraud, the broader bucket that includes most pig-butchering and fake-platform schemes, was the single costliest category at $10.7 billion. Elderly Americans were the most affected demographic, constituting over one-third of the total recorded losses.

According to the reports, California, Florida, and Texas topped the list of states most affected by crypto-specific scams. 

FBI intensifies fight against crypto crime

FBI director Kash Patel said he prefers following the money trail over chasing individuals. He credited the Trump administration’s new relationships with foreign governments, which have allowed the agency to conduct investigations in areas previously beyond its reach.

He cited recent wins as proof that the approach works, including an operation earlier this year that led to roughly 300 arrests in Dubai tied to an estimated $4 billion in fraud.

The bureau also froze more than 3,000 illicit crypto wallets to date and recovered more than $500 million. FBI’s Patel’s latest statement shows plans to further intensify the asset recovery process.

Digital asset crime increases despite law enforcement measures

Earlier, the UK’s National Crime Agency closed out Operation Atlantic, in collaboration with the U.S. Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission, which targeted “approval phishing.” A phishing scam in which victims are tricked into signing a transaction that grants the criminal direct control of their wallet.

During the operation, more than 20,000 victims were identified across 30-plus countries, $12 million was frozen, another $33 million in suspected fraud was flagged for further investigation, and over 120 scam-linked web domains were taken down.

NCA Deputy Director of Investigations Miles Bonfield called it proof of what’s possible “when international agencies and private industry work side by side. U.S. Secret Service Assistant Director Brent Daniels applauded the operation, saying it denied criminals the ability to prey on unsuspecting victims. 

The Blockchain analytics firm Chainalysis estimates that crypto-based money laundering reached $82 billion globally in 2025, an eightfold increase since 2020.

Chinese-language money laundering networks are reportedly now processing roughly a fifth of all illicit crypto flows over the past five years, according to Chris Skinner. A separate estimate from TRM Labs puts total illicit crypto activity even higher, at $158 billion for the year, a 145% jump from 2024.

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