An international law-enforcement operation has led to at least 276 arrests and the dismantling of at least nine scam centers used for cryptocurrency investment fraud. The U.S. Department of Justice said the crackdown involved cooperation between the FBI, Dubai Police, and China’s Ministry of Public Security.
Dubai Police arrested 275 suspects during the operation, while the Royal Thai Police arrested one additional defendant. U.S. prosecutors also unsealed federal fraud and money-laundering charges against six defendants accused of managing, working for, or recruiting people into scam-center operations.
The alleged networks targeted victims in the United States and other countries through crypto investment fraud schemes. Authorities said victims lost millions of dollars after being pushed toward fake investment platforms and losing control of their cryptocurrency.
The cases center on so-called pig-butchering scams, where criminals build trust through fake friendships or romantic relationships before steering victims into fraudulent crypto investments. Once victims transfer funds to the fake platforms, scammers move and launder the money through other crypto accounts.
The DOJ said the charged defendants were tied to three alleged scam organizations: Ko Thet Company, also called Pixy, Sanduo Group, and Giant Company. The named defendants include Thet Min Nyi, Wiliang Awang, Andreas Chandra, and Lisa Mariam, along with two fugitive co-conspirators.
The charges remain allegations, and the defendants are presumed innocent unless proven guilty. The maximum penalties include up to 20 years in prison for wire fraud conspiracy and up to 20 years for money-laundering conspiracy.
The crackdown fits a broader U.S. push against overseas crypto fraud networks. The FBI has also used Operation Level Up to identify and notify victims of crypto investment fraud, with nearly 9,000 victims notified and an estimated $562 million saved as of April 2026.
The latest arrests show a shift in enforcement strategy. Authorities are not only chasing individual wallet movements after victims lose money. They are targeting the scam centers, recruiters, managers, and laundering channels that make industrial-scale crypto fraud possible.
The warning remains direct: fake trading platforms, guaranteed returns, online romance, and pressure to borrow or send more funds are major red flags. The largest fraud networks are no longer simple phishing groups. They operate like cross-border businesses built to convert trust into stolen crypto.
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