FBI Dismantles 9 Crypto Scam Centers in Global Crackdown
A global crackdown led by the FBI has resulted in the arrest of 276 suspects and the dismantling of nine cryptocurrency scam centers that targeted Americans.
The operation, which involved cooperation with law enforcement agencies from Dubai, China, and Thailand, yielded significant results, with 275 arrests made in Dubai alone and one additional suspect detained by Thai authorities.
The scammers, who used a tactic known as 'pig-butchering,' cultivated trust with their victims through fake friendships or romance before pushing them into investing in bogus cryptocurrencies, with funds laundered through multiple wallets.
Prosecutors have tied the suspects to entities called Ko Thet Company, Sanduo Group, and Giant Company, and six defendants now face wire fraud and money laundering charges in the Southern District of California.