A major operation led by the FBI has taken down a large-scale “pig butchering” scheme, with 276 people arrested and several fraud hubs shut down across multiple countries.
Arrests across borders
Authorities worked together across the U.S., Dubai, Thailand, and China to target organized groups running these scams. Most of the arrests happened in Dubai, where 275 individuals were detained, while another suspect was picked up in Thailand. Meanwhile, U.S. prosecutors have charged three people with fraud and money laundering.
The case traces back to an FBI investigation launched in San Diego last year, which uncovered a network operating through front companies like Ko Thet Company, Sanduo Group, and Giant Company.
How the scam worked
The setup was classic: scammers built trust with victims over time before introducing fake crypto investment opportunities. Once victims sent funds to these platforms, the money was quickly moved through multiple wallets to hide its trail.
Investigators say the losses already run into the millions, highlighting how widespread these operations have become.
Pressure ramps up on crypto fraud
This isn’t the first move. Earlier actions linked to the FBI and international partners reportedly froze around $580 million and seized thousands of devices tied to similar schemes.
One message from authorities was clear:
“Fraudsters who target Americans from overseas cannot operate with impunity, no matter where they are.”
With reported losses hitting $11.3 billion last year, scams tied to crypto now make up a huge share of global online fraud, putting increasing pressure on agencies to go after these networks at their source.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
