Investment
Fugitive behind $73M ‘pig butchering’ scheme gets 20 years in prison
A dual Chinese and St. Kitts and Nevis national was sentenced to 20 years in prison in absentia for his role in an international cryptocurrency investment scheme (also known as pig butchering or romance baiting) that defrauded victims of more than $73 million. In pig butchering scams, criminals use messaging apps, dating platforms, and social media accounts […]
US announces new strike force targeting Chinese crypto scammers
U.S. federal authorities have established a new task force to disrupt Chinese cryptocurrency scam networks that defraud Americans of nearly $10 billion annually. The Scam Center Strike Force team, supported by agents from the U.S. Attorney’s Office, the Department of Justice, the FBI, and the Secret Service, investigates and prosecutes criminal groups operating large-scale cryptocurrency investment […]
Police arrests suspects linked to €600 million crypto fraud ring
European law enforcement authorities have arrested nine suspected money launderers who set up a cryptocurrency fraud network that stole over €600 million ($689 million) from victims across multiple countries. The fraudsters allegedly created fake cryptocurrency investment platforms that looked legitimate and promised high returns, and recruited victims through various means, including social media and cold […]
Police dismantles crypto fraud ring linked to €100 million in losses
Law enforcement authorities in Europe have arrested five suspects linked to a cryptocurrency investment fraud ring that stole over €100 million ($118 million) from more than 100 victims. The joint operation started in September 2020 and was carried out by investigative teams from Spain, Portugal, Bulgaria, Italy, Lithuania, and Romania, coordinated by Eurojust and supported […]
FTC: older adults lost record $700 million to scammers in 2024
Americans aged 60 and older lost a staggering $700 million to online scams in 2024, marking a sharp rise in fraud targeting seniors, according to the Federal Trade Commission. This figure, presented in the agency’s latest Consumer Protection Data Spotlight, represents an increase over all three categories of loss compared to previous years. Most notably, the […]
Hacker extradited to US for stealing $3.3 million from taxpayers
Nigerian national Chukwuemeka Victor Amachukwu has been extradited from France to the U.S. to face charges of hacking, fraud, and identity theft for suspected spearphishing attacks on U.S. tax preparation businesses. The attack were designed to steal personal data and file fraudulent tax and loan applications, allowing threat actors to steal over $3 million in total. […]
Police dismantles investment fraud ring stealing €10 million
The Spanish police have dismantled a large-scale investment fraud operation that caused cumulative damages exceeding $11.8 million (€10 million). During simultaneous raids in Barcelona, Madrid, Mallorca, and Alicante, coordinated by the Mossos d’Esquadra, Civil Guard, and the National Police, 21 individuals were arrested. Along with the arrests, the police agents also confiscated seven luxury vehicles […]
Europol helps disrupt $540 million crypto investment fraud ring
Spanish authorities have arrested five individuals in Madrid and the Canary Islands, suspected of laundering $540 million (€460 million) from illegal cryptocurrency investment schemes and defrauding more than 5,000 victims. The law enforcement operation was supported and coordinated by Europol and investigators from Estonia, France, and the U.S. (Homeland Security Investigations – HSI). The investigation into […]
US recovers $225 million of crypto stolen in investment scams
The U.S. Department of Justice has seized more than $225 million in cryptocurrency linked to investment fraud and money laundering operations, the largest crypto seizure in the history of the U.S. Secret Service. The state’s investigators used blockchain analysis to trace the funds stolen from over 400 victims, which were then laundered through a complex […]
Five plead guilty to laundering $36 million stolen in investment scams
Five men from China, the United States, and Turkey pleaded guilty to their involvement in an international crime ring and laundering nearly $37 million stolen from U.S. victims in cryptocurrency investment scams carried out from Cambodia. Accomplices living abroad reached out to targets in the United States via unsolicited social media, phone calls, text messages, […]