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06/01/25
22
Global Crackdown on Cryptocurrency Fraud: Major Arrests Uncover Scams Across Regions
Since early January 2025, police forces in various regions have successfully apprehended multiple individuals involved in diverse cryptocurrency fraud schemes, impacting numerous victims. Vietnamese authorities recently detained four suspects linked to a cryptocurrency mining scam that reportedly defrauded over 200 people of around 4 billion Vietnamese dong (approximately $157,300). The individuals, led by Tran Minh Quang, allegedly created a counterfeit mining platform named BitMiner, falsely advertising itself as a reputable operation based in Dubai and promising unrealistic investment returns. Victims were persuaded to purchase questionable mining packages and educational materials.
Meanwhile, in the United States, police in Springfield, Massachusetts, issued warnings regarding an increase in scams involving Bitcoin and other cryptocurrencies. The department noted that fraudsters employ varied tactics, highlighting a specific scheme involving cryptocurrency ATMs. These scams often involve victims being directed to machines where they are instructed to transfer funds to the scammer. Authorities advised residents to exercise caution, especially if they receive unsolicited calls demanding payments in cryptocurrency.
Additionally, police in Hong Kong arrested 31 individuals suspected of using artificial intelligence technology, particularly deepfakes, to deceive victims. The group, which included many university students, is believed to have orchestrated a fraud operation that stole approximately 34 million Hong Kong dollars (about $4.37 million) from victims mainly located in Taiwan, Singapore, Malaysia, and the United States. Reports indicate that the syndicate employed advanced AI face-swapping technologies to masquerade as attractive individuals, cultivating trust and developing romantic relationships to facilitate scams.
During the investigation, authorities executed searches at two locations, seizing HK$10 million in cash along with luxury handbags and watches. While several individuals face charges of conspiracy to defraud, others were granted bail as investigations continue into these sophisticated fraud operations.
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