A coordinated international operation led by the US Department of Justice has resulted in at least 276 arrests tied to large-scale cryptocurrency investment scams targeting American victims.
Authorities said the crackdown involved “unprecedented cooperation” between the Federal Bureau of Investigation, Dubai Police and China’s Ministry of Public Security, dismantling at least nine fraud centres.
“Unprecedented cooperation… has resulted in the arrest of at least 276 individuals and the dismantlement of at least nine scam centers,”
The DOJ said in a statement.
The schemes used so-called “pig-butchering” tactics, where scammers built trust through fake relationships before directing victims to fraudulent crypto investment platforms.
Investigators said victims were persuaded to transfer funds, often taking loans or increasing deposits, before losing control of their assets through laundering across multiple crypto accounts.
The case involves charges including wire fraud and money laundering conspiracy, each carrying potential penalties of up to 20 years in prison.
Officials said the operation reflects a shift toward targeting the infrastructure behind cross-border crypto fraud networks, rather than focusing solely on individual perpetrators.