East Java Police in Indonesia have dismantled a fraudulent cryptocurrency investment scheme led by suspect Henrico Tampenawas. Victims were lured into crypto training groups and directed to deposit funds on fraudulent websites using fake cryptocurrency assets (PBOGA, JQRBT, NOUE). After payment, promised returns could not be withdrawn, causing losses in the billions of rupiah. Police are investigating possible money laundering and additional suspects.
Indian authorities have traced and arrested a suspect accused of defrauding investors through a cryptocurrency scheme called Money Trade Coin in the UAE. The suspect allegedly posed as a Finance Ministry official to attract investors between 2017 and 2018, causing losses exceeding ₹113 crore. Indian authorities are now preparing extradition proceedings following his arrest in Dubai, where he had been living under a false identity.
Thailand's Anti-Money Laundering Office (AMLO) uncovered a scam network targeting previous fraud victims with false promises of fund recovery. Victims were deceived into transferring approximately 1.26 million baht, which was quickly converted to cryptocurrency through multiple money mule accounts and funneled to international crime operations based in Cambodian border casinos. Authorities seized digital assets worth $83.7 million.
A 61-year-old resident of Paphos, Cyprus, lost over €77,600 through two linked cryptocurrency scams: an initial investment fraud and a subsequent recovery fraud. After being lured by social media advertisements, the victim was targeted again by scammers claiming to recover his losses.
Taiwan's Criminal Investigation Bureau dismantled a fraud ring that deceived victims into providing bank cards and passwords under the guise of cryptocurrency investment and free merchandise, then exploited those accounts for other scams. The operation led to the arrest of 30 suspects including a 27-year-old ringleader, with over 186 victims suffering losses exceeding 40.7 million Taiwan dollars.
Investment fraud losses in the US have surged 38% in 2025, with cryptocurrency scams accounting for over $8 billion in reported losses. Fraudsters are using AI-generated deepfakes and fake trading platforms to impersonate celebrities and financial experts, deceiving victims into transferring money.
New York State Police are warning of an increase in cryptocurrency scams where fraudsters use sophisticated tactics to convince victims to liquidate savings, withdraw large sums of cash, or purchase gold bars and coins. Victims should stop communication with suspected scammers and report incidents immediately.
A woman in Taiwan was defrauded of approximately 200,000 TWD after being contacted through social media by someone claiming to be an investment professional. The scammer used a common technique of allowing a small initial withdrawal to build trust before requesting larger investments that were ultimately lost.
Unlisted cryptocurrency investment scams targeting elderly citizens are surging in South Korea. Using Ponzi scheme tactics, fraudsters conduct investment seminars promoting fake coins and pay dividends from new investor funds rather than actual profits. Over 80% of victims are elderly, and many experience repeated fraud schemes.
Cybersecurity firm Rapid7 discovered a large-scale phishing campaign targeting 885,000 phone numbers designed to steal cryptocurrency funds. Attackers use SMS messages and voice calls to redirect users to fake wallet pages, then trick victims into revealing their recovery phrases and credentials.
A major investment fraud scheme operating in Dehradun, India has defrauded approximately 140 to 160 residents of an estimated ₹12 crore through false promises of high returns from cryptocurrency and forex trading. The accused, Lavish Chaudhary (also known as Nawab Ali), recruited victims via social media and messaging platforms, guaranteeing monthly returns of 5-6%, but subsequently froze all withdrawals. The victim is now pursuing legal action to compel police investigation.
Arizona's Attorney General announced that 35 victims of cryptocurrency ATM fraud received full restitution totaling approximately $171,332. State law requires operators to provide complete refunds including fees for fraudulent transactions involving new customers (those using the service for less than 10 days). FBI data shows that in 2025, there were 13,460 crypto ATM-related complaints nationwide, with losses exceeding $388.98 million.
Malaysian authorities conducted a major raid on crypto scam operations at Forest City in Johor in July 2026, arresting 335 suspects across 32 locations. Most perpetrators were foreign nationals, primarily from China, with seized assets valued at approximately 2.45 million USD. The abandoned luxury development provided ideal conditions for criminal operations.
Arizona's cryptocurrency ATM refund law has helped 35 fraud victims receive a total of $171,332 in refunds since its implementation in September 2025. Eligible new customers can obtain full refunds if they report the fraud within 30 days and comply with reporting requirements.
Russian security forces dismantled a money laundering operation linked to a Ukrainian-based fraud network, arresting over 20 people. Nine illegal cryptocurrency exchange operations were shut down. The scheme involved converting stolen money from fraud victims into cryptocurrency and transferring it abroad.
A 32-year-old courier in Voronezh, Russia, lost over 2.2 million rubles after being connected through a dating site to scammers who promised profits from cryptocurrency investments. Fraudsters convinced him to send money in multiple installments, then demanded additional 'insurance fees' before blocking his access to funds.
A Nagpur trader who runs a battery shop lost approximately 27 lakh rupees to a cryptocurrency investment fraud that began with a casual meeting on a train. Two men presented fabricated profit statements and eventually demanded an additional tax payment before releasing funds, a tactic that ultimately exposed the scheme.
OpenAI has disabled ChatGPT accounts linked to a criminal organization in Poipet, Cambodia, that used the chatbot to execute large-scale cryptocurrency investment fraud schemes. The fraudsters exploited AI to create fake identities, fabricate documents, and generate deceptive marketing materials for false trading platforms. The investigation also revealed evidence of forced labor, highlighting how AI and cryptocurrency enable sophisticated organized crime operations.
Minnesota implemented a ban on cryptocurrency kiosks starting August 1st, making it one of the first states in the nation to prohibit these machines used by scammers to steal nearly $1 million from residents. The law requires all kiosks to be physically removed by December 31st, while regulated online platforms remain legal. Victims' testimonies played a crucial role in passing this legislation.
Royal Canadian Mounted Police in Oceanside, British Columbia, are investigating a fraud case where an elderly couple transferred approximately $600,000 to a cryptocurrency fund found online, allegedly endorsed by a prominent national politician. Police are urging residents to use only trusted advisors and financial institutions for investments.
Crypto Scams
