Loading article…
The FBI issued a warning about crypto scammers dispatching couriers to collect cash from seniors when banks block suspicious wire transfers, with losses
The FBI has issued a warning regarding an evolving cryptocurrency scam that now involves in-person couriers collecting cash from victims, primarily targeting senior citizens, after financial institutions block suspicious wire transfers [1, 2]. This tactic represents a shift from purely digital fraud, making it harder to trace and recover funds, as crypto-related fraud losses in the U.S. exceeded $11 billion in 2025 [1].
| At a glance | |
|---|---|
| Target Demographic | Senior citizens [1] |
| Scam Tactic | In-person cash collection by couriers [1] |
| Catalyst | Banks blocking suspicious wire transfers [1] |
| 2025 US Losses | Over $11 billion from crypto-related fraud [1] |
The schemes, often falling under the "pig butchering" umbrella, typically begin with fraudsters building relationships with victims over weeks or months through social media, unsolicited texts, or dating apps [1, 2, 3]. Victims are then steered towards fake cryptocurrency investment platforms that display fabricated gains, encouraging them to deposit more money [1, 2]. When victims attempt to withdraw profits, they are often told they need to pay "penalty payments" or "tax obligations" [1].
A key adaptation in these scams occurs when banks intervene to block suspicious wire transfers, which has become more common as financial institutions improve fraud detection [1]. To bypass these blocks, scammers dispatch couriers to victims' homes or public locations to collect physical cash [1, 2]. To establish legitimacy, couriers may use verification codes or even U.S. dollar bill serial numbers provided by the scammer [1, 2]. Once cash is handed over, it is effectively gone, making recovery and prosecution more difficult compared to digital transactions [1]. The victim's fake online wallet then typically shows an increased deposit, deepening the deception [2].
FBI Director Kash Patel has pledged an intensified crackdown on these "pig butchering" scams, stating that the bureau will pursue and prosecute the criminals involved [3]. The FBI's Operation Level Up initiative has already identified and contacted over 8,000 potential victims, preventing more than $500 million in losses and freezing over 3,000 illicit cryptocurrency wallets [3]. Authorities are also collaborating with international partners to dismantle transnational fraud networks, with a major operation in May targeting scam centers across Asia, Africa, and the Middle East, resulting in seizures of billions in cryptocurrency and hundreds of arrests [3].
The FBI advises individuals, particularly seniors, to be wary of unsolicited communications from strangers and to verify identities through third parties [2]. No legitimate investment operation sends couriers to collect cash, nor does a real trading platform require penalty payments before releasing profits [1]. Victims are encouraged to file a complaint at www.ic3.gov, including details like names, communication methods, bank accounts, and cryptocurrency wallets involved [2].
The shift to in-person cash collection highlights scammers' persistent efforts to find new pathways to exploit victims when traditional digital methods are disrupted, underscoring the ongoing challenge for law enforcement and the need for public vigilance.
Coverage is mostly measured — 63 of 65 reports stay neutral.
Every Monday — the token unlocks, Fed dates & catalysts set to move crypto and markets this week. So you’re never blindsided.
Free · 3-min read · one-click unsubscribe
AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 25, 2026 · How we report
Imposter scams, where fraudsters pose as law enforcement, government officials, or tech support, convince victims to withdraw cash and deposit it via a QR code into a crypto ATM.
Indiana, Tennessee, and Minnesota have enacted bans, while South Dakota, Arizona, Colorado, Arkansas, Virginia, and Wisconsin have implemented transaction caps and refund rules.
The Crypto Fraud ATM Fraud Prevention Act would require ATM operators to register with the Treasury, limit transaction amounts, enforce verification calls, use blockchain analytics, and provide refunds if victims report scams within 30 days.
The DOJ seized backend cloud accounts linked to the Huione Group, aiming to disrupt the service layer that enables large‑scale illicit finance and money‑laundering.
According to the FTC, they are over three times more likely to lose money in these scams, often due to the high‑pressure tactics used in imposter schemes.