Nearly 300 arrested in global crackdown on crypto scams

The FBI, Dubai Police Department, and Chinese Ministry of Public Security cooperated in arresting at least 276 people accused of conducting cryptocurrency investment fraud schemes, the Justice Department said Wednesday. The international crackdown, which took place last week, dismantled at least nine scam centers, according to the department. The Royal Thai Police and Meta, the parent company of the Instagram and Facebook social media platforms, also assisted in the investigation.

Four of the people arrested and two fugitives still at large face U.S. fraud and money laundering charges in California, according to the Justice Department. One of the detainees, Thet Min Nyi, is a Burmese citizen, while the rest of the group are from Indonesia, the department said. All are aged in their 20s. They are considered legally innocent until proven guilty in court.

The group allegedly cultivated phony friendships or romances with victims, including some in the United States, before financially exploiting them. Victims lost millions of dollars in fake cryptocurrency schemes—some even took out loans or borrowed from family members to invest in the schemes, according to the Justice Department.

What penalties do the alleged scammers face? Nyi and one of the unnamed fugitives, who are accused of managing scam centers, could receive up to 40 years in prison, along with massive fines, if convicted in the United States. The rest of the group faces maximum prison sentences of up to 20 years and fines if convicted. 

Dig deeper: Read my story on the Federal Trade Commission’s report on the most costly scams of 2025.