Authorities have alerted nearly 9,000 potential victims and prevented an estimated $562 million in losses as part of ongoing efforts to combat cryptocurrency fraud, while a new global operation has now led to at least 276 people being arrested and nine scam centers closed.
Singapore Summit: Meet the top APAC brokers you know (and those you don’t know yet!).
The latest campaign highlights the scale of organized “pig slaughter” schemes targeting individual investors around the world.
Dubai Police led the operation in coordination with US and Chinese authorities, disrupting fraud centers that targeted victims in several countries, including the United States. Of the total arrests, 275 cases were made in the UAE, while one suspect was arrested in Thailand.
According to Wednesday’s announcement, US prosecutors have brought charges against several individuals linked to the network, including allegations of wire fraud and money laundering. The investigation forms part of a broader effort to tackle cross-border financial crime, which authorities say continues to grow in scale and complexity.
Continue reading: Beyond ‘Frankenstein Fraud’: How IOSCO is using RegTech’s weapon to tackle the $17 billion AI crime wave
Law enforcement agencies stressed that international cooperation played a central role in identifying and dismantling the fraud infrastructure. Authorities also confirmed ongoing efforts to locate additional suspects and trace the stolen funds.
Investigators said the network operated through organized groups running organized fraud campaigns, known as “pig slaughter.” The model involves building long-term trust with victims before directing them to invest in fake cryptocurrency platforms.
Victims were guided through the account creation and money transfer process, and were often encouraged to increase deposits over time. In many cases, individuals were persuaded to borrow money or liquidate their savings. Once the money was transferred, victims lost control, as the platforms were completely controlled by fraud groups.
The fraud and victim impact model
The investigation identified multiple entities used as fronts for the operations, where workers were allegedly recruited to carry out scripted scams from designated locations.
Meanwhile, regulators in Australia and New Zealand are racing to contain a new wave of investment scams fueled by artificial intelligencewith the Australian Securities and Investments Commission recently removing 11,964 Phishing
Phishing
Phishing is a form of cyberattack in which fake websites, emails, and text messages are used to obtain personal data. The most common targets in this attack are passwords, private cryptocurrency keys, and credit card details. Scammers masquerade as reputable companies and other types of entities. In some cases, reputable organizations or government authorities are impersonated in order to collect this data. Because phishing relies on psychological manipulation rather than technology
Phishing is a form of cyberattack in which fake websites, emails, and text messages are used to obtain personal data. The most common targets in this attack are passwords, private cryptocurrency keys, and credit card details. Scammers masquerade as reputable companies and other types of entities. In some cases, reputable organizations or government authorities are impersonated in order to collect this data. Because phishing relies on psychological manipulation rather than technology
Read this term and investment fraud sites in 2025, an increase of 90% from the previous year. This is after the New Zealand Financial Markets Authority identified 190 fake trading platforms since the beginning of March alone.
Global regulators It is stepping up its response to AI-driven financial crimes Losses associated with these scams reach an estimated $17 billion, according to Chainalogy’s 2026 Cryptocrime Report. The report finds that AI-powered scams are now 4.5 times more profitable than traditional scams and that impersonation scams are up 1,400% year-on-year, driven by large language patterns that generate highly personalized and emotionally manipulative messages.
Authorities have alerted nearly 9,000 potential victims and prevented an estimated $562 million in losses as part of ongoing efforts to combat cryptocurrency fraud, while a new global operation has now led to at least 276 people being arrested and nine scam centers closed.
Singapore Summit: Meet the top APAC brokers you know (and those you don’t know yet!).
The latest campaign highlights the scale of organized “pig slaughter” schemes targeting individual investors around the world.
Dubai Police led the operation in coordination with US and Chinese authorities, disrupting fraud centers that targeted victims in several countries, including the United States. Of the total arrests, 275 cases were made in the UAE, while one suspect was arrested in Thailand.
According to Wednesday’s announcement, US prosecutors have brought charges against several individuals linked to the network, including allegations of wire fraud and money laundering. The investigation forms part of a broader effort to tackle cross-border financial crime, which authorities say continues to grow in scale and complexity.
Continue reading: Beyond ‘Frankenstein Fraud’: How IOSCO is using RegTech’s weapon to tackle the $17 billion AI crime wave
Law enforcement agencies stressed that international cooperation played a central role in identifying and dismantling the fraud infrastructure. Authorities also confirmed ongoing efforts to locate additional suspects and trace the stolen funds.
Investigators said the network operated through organized groups running organized fraud campaigns, known as “pig slaughter.” The model involves building long-term trust with victims before directing them to invest in fake cryptocurrency platforms.
Victims were guided through the account creation and money transfer process, and were often encouraged to increase deposits over time. In many cases, individuals were persuaded to borrow money or liquidate their savings. Once the money was transferred, victims lost control, as the platforms were completely controlled by fraud groups.
The fraud and victim impact model
The investigation identified multiple entities used as fronts for the operations, where workers were allegedly recruited to carry out scripted scams from designated locations.
Meanwhile, regulators in Australia and New Zealand are racing to contain a new wave of investment scams fueled by artificial intelligencewith the Australian Securities and Investments Commission recently removing 11,964 Phishing
Phishing
Phishing is a form of cyberattack in which fake websites, emails, and text messages are used to obtain personal data. The most common targets in this attack are passwords, private cryptocurrency keys, and credit card details. Scammers masquerade as reputable companies and other types of entities. In some cases, reputable organizations or government authorities are impersonated in order to collect this data. Because phishing relies on psychological manipulation rather than technology
Phishing is a form of cyberattack in which fake websites, emails, and text messages are used to obtain personal data. The most common targets in this attack are passwords, private cryptocurrency keys, and credit card details. Scammers masquerade as reputable companies and other types of entities. In some cases, reputable organizations or government authorities are impersonated in order to collect this data. Because phishing relies on psychological manipulation rather than technology
Read this term and investment fraud sites in 2025, an increase of 90% from the previous year. This is after the New Zealand Financial Markets Authority identified 190 fake trading platforms since the beginning of March alone.
Global regulators It is stepping up its response to AI-driven financial crimes Losses associated with these scams reach an estimated $17 billion, according to Chainalogy’s 2026 Cryptocrime Report. The report finds that AI-powered scams are now 4.5 times more profitable than traditional scams and that impersonation scams are up 1,400% year-on-year, driven by large language patterns that generate highly personalized and emotionally manipulative messages.
