276 Arrested in Global Crypto Scam Takedown

An international law enforcement operation has resulted in the arrest of 276 individuals and the dismantling of nine cryptocurrency scam centers that targeted American victims, causing millions of dollars in losses.

The coordinated effort, involving the Federal Bureau of Investigation, Dubai Police, China's Ministry of Public Security, and Thailand's Royal Thai Police, led to 275 arrests in Dubai and one additional arrest in Thailand. Authorities announced the results this week, alongside federal charges against six defendants in San Diego federal court for wire fraud conspiracy and money laundering conspiracy. The charges carry maximum penalties of 20 years in prison per count if convictions are secured.

The defendants, including nationals from Burma and Indonesia, allegedly managed, recruited for, or worked at three companies—Ko Thet Company, Sanduo Group, and Giant Company—that operated the scam centers. They promoted fraudulent cryptocurrency investment platforms using "pig-butchering" tactics, in which scammers built fake online romantic or friendly relationships with victims over weeks or months before luring them into fake platforms. Victims were encouraged to deposit...