A crypto scam crackdown led to at least 276 arrests and the shutdown of nine Dubai-based scam centres targeting Americans, the U.S. Justice Department said.
The Justice Department said the centres ran cryptocurrency investment fraud, also known as pig-butchering scams. The operation involved the FBI, Dubai Police Department and China’s Ministry of Public Security.
Federal prosecutors in San Diego charged alleged managers and recruiters. Officials said the suspects helped run or staff fraud compounds that used fake online relationships and investment pitches.
A separate case involving Prince Holding Group. In that action, US authorities sought forfeiture of 127,271 Bitcoin tied to Chen Zhi, the Cambodia-based group’s chairman.
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The FBI said Operation Level Up has warned nearly 9,000 potential victims of crypto investment fraud. The bureau said the outreach prevented about $562 million in additional losses.
