Global Crackdown on Cryptocurrency Scams Nets 276 Arrests

A joint operation between international law enforcement agencies has led to a significant crackdown on cryptocurrency scam centers.

The coordinated effort, led by the US Department of Justice (DOJ), resulted in at least 276 arrests and the dismantling of nine alleged fraud hubs.

As part of the operation, six suspects were charged with federal fraud and money laundering-related offenses in San Diego. The charges carry a maximum penalty of 20 years in prison and fines ranging from $250,000 to $500,000.

The investigation focused on so-called 'pig-butchering' schemes, which involved scammers building trust with victims before directing them towards fake cryptocurrency investments.

Authorities credited cooperation among the FBI, Dubai Police Department, Chinese Ministry of Public Security, and Thai Police for the success of the operation.