According to the FBI, crypto fraud losses reached a record $11.3B in 2025.
In a coordinated operation led by the FBI with participation from police in Dubai, Thailand, and China, authorities arrested 276 individuals involved in large-scale cryptocurrency fraud schemes. Nine call centers were dismantled.
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Two hundred seventy-five suspects were arrested in Dubai, and one in Thailand. Three defendants will face trial in the Southern District of California on charges of fraud and money laundering.
What Is the “Pig Butchering” Scheme?
Fraudsters built long-term trust relationships with victims, often romantic in nature, and then convinced them to invest funds into fake cryptocurrency platforms. Money was withdrawn through wallet chains and laundered.
According to authorities, victims from the US and other countries lost millions of dollars.
Read more: Top 5 Most Common Cryptocurrency Scams—How to Avoid Crypto Fraud in 2026
Authorities’ Reaction: The Statistics Are Alarming
In 2025, US losses from crypto fraud reached a record $11.3 billion—more than half of all internet crime losses.
“These scammers thought they were safe half a world away. But their world has changed. Global crime now faces global justice,” said US Attorney Adam Gordon.
Assistant Attorney General A. Tysen Duva added:
“Fraudsters who target Americans from overseas cannot operate with impunity, no matter where in the world they reside.”
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