scams

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury released an analysis and alert on Thursday, linking approximately $12.7 billion in suspicious financial activities to cryptocurrency investment scams operated by Southeast Asian parks. About 1,300 institutions submitted 33,904 suspicious activity reports covering the period from September 2023 to December 2025. Cryptocurrency-focused money service businesses submitted 55% of the reports, involving $5.5 billion; banks submitted 41%, involving $6.4 billion; and securities firms accounted for the remaining $784.5 million.The number of reports has been growing at an average monthly rate of 10.9%, with the amount involved increasing by 18%. Scammers used at least 22 types of digital assets, with Ethereum, USDT, and USDC being the most common. On-chain analysis shows that regardless of the asset victims initially purchased, the funds are almost always converted into stablecoins, with nearly all converted to USDT, and then transferred through DeFi protocols or exchanges outside the U.S. Scammers also reused collection addresses across multiple victims, which is one way some institutions identified this pattern.The report indicates that about 25% involved elderly individuals, which is comparable to the 24.4% of the population that is over 60 years old, leading FinCEN to conclude that the elderly are not disproportionately targeted. The FBI estimates that in 2024, the U.S. population over 60 lost $4.8 billion to scams. These parks are primarily located in Cambodia, Laos, and Myanmar, and U.S. authorities have seized over $25 million related to the associated scams this year.

According to IT Home, the International Criminal Police Organization (INTERPOL) has announced the results of the new anti-fraud operation "Jackal IV." This operation will last from November 2025 to June 2026 and involves 22 countries and regions worldwide, focusing on combating online financial crimes such as romance scams, cryptocurrency and investment fraud, email scams, and money laundering. A total of 58 people were arrested in this round of operations, and the identities of 263 individuals involved have been confirmed.Among them, the Argentine police seized a "Crime-as-a-Service" (CaaS) network that provided website domain and money laundering services, arresting 17 people and confirming the identities of 196 individuals involved. The South African police raided 7 locations in Johannesburg, arresting 39 suspects accused of romance scams and investment fraud targeting retirees from English-speaking countries, while seizing $2.67 million and freezing 257 bank accounts.In addition, the Italian police confirmed one suspect involved in a cross-European money laundering network, discovering that a single bank account was linked to money laundering transactions amounting to €845,000; the Romanian police dismantled an investment fraud gang, arresting 11 people and seizing illegal assets such as cash, cryptocurrency, and real estate.

According to a notice from the U.S. Commodity Futures Trading Commission (CFTC), scammers are frequently impersonating government agencies, banks, investment firms, utility companies, or tech support personnel to lure victims into transferring funds via cryptocurrency ATMs, gift cards, unfamiliar applications, or courier services. They exploit the irreversible nature of transactions and the difficulty in tracing address ownership to carry out their scams.Data from the Internet Crime Complaint Center (IC3) of the FBI shows that in 2025, reported losses from scams involving cryptocurrency ATMs exceeded $388 million, a 58% increase from the previous year, with actual losses potentially higher due to underreporting.The CFTC states that legitimate government departments, financial institutions, and businesses will not ask users to transfer assets via cryptocurrency ATMs, gift cards, or courier services. If someone urges action by claiming "your account or identity is at urgent risk," or requests confidentiality, remote control of devices, or transfers to specified wallet addresses or QR codes, it should be considered a high-risk signal. Regulatory agencies recommend that users stop trading, independently verify information through official channels, and promptly report suspicious scams to the CFTC or FBI IC3.

On August 24, Binance co-founder He Yi posted that CZ does not use WeChat, and the currently very active WeChat group "Binance Mall" and CZ are both fake Binance and fake CZ conducting promotional activities. Please remind each other to be cautious of scams.

According to Bitcoin.com, the Australian Securities and Investments Commission (ASIC) disclosed that in the fiscal year 2026, over 19,400 online scams were removed (a year-on-year increase of 182%), among which cryptocurrency investment scam platforms reached 3,106, an increase of about 30% compared to the previous fiscal year.ASIC pointed out that scam groups are heavily leveraging generative AI technology to build a systematic fraud ecosystem: by using deepfake videos of well-known figures such as Australian Prime Minister Albanese and financial commentators to promote fake cryptocurrency trading robots, while simultaneously creating counterfeit media websites, AI-generated comments, and fake profit dashboards to lure victims into continuously increasing their investments, with funds ultimately flowing to overseas criminal groups. Just from the impersonation of high-profile individuals alone, the related losses have exceeded 7.4 million Australian dollars.

Binance New Zealand recently issued a security warning, reminding local users to be aware of the frequent SMS phishing scams that have emerged recently. Scammers impersonate Binance officials, using the lure of free cryptocurrency or event tickets, and falsely claim in the messages that their activities have been approved by the New Zealand Financial Markets Authority (FMA).Binance advises users not to click on any links in such messages and not to connect their wallets to suspicious platforms. Users can verify the authenticity of relevant contact information and websites through Binance's official verification tool "Binance Verify" to prevent asset loss.

The Financial Supervisory Service (FSS) of South Korea has launched a three-month project to rebuild the fraud refund system with a budget of approximately 119 million won. This upgrade aims to align with the revised Telecommunications Fraud Damage Compensation Act, which will officially take effect on October 1, and formally includes virtual assets in the categories of "damaged property" and "refundable property."The new system will support the calculation of compensation amounts based on token types and quantities, using the value of the won at the time the funds were frozen as a reference benchmark, and will also have the capability to dismantle mixed fraud funds across multiple accounts. Major exchanges such as Upbit, Bithumb, Coinone, Korbit, and GOPAX will be required to undertake anti-fraud and victim relief obligations equivalent to those of banks, including verifying transaction purposes, monitoring suspicious funds, and freezing suspected accounts.

According to the Dongguan Release public account, the Dongguan Hengli police successfully intercepted a virtual currency investment fraud case, preserving 1.1 million yuan in cash just 5 minutes before the victim's offline transaction with the fraudster, thus avoiding significant economic losses.It is understood that the victim, Ms. Li (pseudonym), previously met an unfamiliar online acquaintance who lured her with "internal investment channels for virtual currency," promising low thresholds and high returns, and created a false impression of investment profits through forged profit screenshots. Subsequently, the fraudster induced Ms. Li to withdraw 1.1 million yuan in cash under the pretext of "needing to exchange cash for USD recharge" for payment. After discovering risk clues, the Dongguan police quickly activated the early warning interception mechanism, organized police forces to rush to the bank to dissuade her, and ultimately successfully prevented the fund transfer before the transaction.

According to statistics from Hong Kong law enforcement, from July 24 to 30, a total of 25 cases of investment fraud involving online romance were reported, with total losses nearing 70 million Hong Kong dollars. In one large online romance investment fraud case, a 50-year-old insurance practitioner was deceived by an online romantic partner claiming to be a "car dealer" into investing in virtual currency. Until last month, the victim discovered that the investment platform showed account earnings exceeding 800%, but when attempting to withdraw funds, the request was denied. Subsequently, both the online romantic partner and the so-called investment expert went offline, and the victim ultimately confirmed a cumulative loss of over 26 million Hong Kong dollars.The police remind investors to be vigilant about the behavior of recommending investment projects after establishing relationships through social platforms, especially those involving virtual currency, guaranteeing high returns, or requiring transactions through unfamiliar platforms. Do not relax financial safety precautions due to emotions or trust.

According to Cryptopolitan, data released by law enforcement in Texas shows that residents of the state suffered financial losses totaling up to $56.8 million from cryptocurrency ATM scams in the past year. An estimated 1,200 Texas residents have fallen victim to such scams.The typical method of operation for cryptocurrency ATM scams involves scammers impersonating government agencies or company staff over the phone, falsely claiming that the victims are involved in legal issues or owe money, and demanding that victims go to a cryptocurrency ATM to convert cash into cryptocurrency and transfer it to a designated address. Due to the irreversibility of cryptocurrency transactions and a certain degree of anonymity, once the funds are transferred, it is extremely difficult to recover them. Texas has become one of the hardest-hit areas for cryptocurrency ATM scams in the United States, and state regulators are strengthening public education and prevention measures to remind residents to be vigilant against such new types of scams.

The China Payment and Clearing Association has issued a warning to prevent cross-border gambling scams involving virtual currency, aimed at helping the general public enhance their awareness of fraud prevention and their ability to recognize scams.The China Payment and Clearing Association reminds that cross-border gambling results in "ten bets, ten losses." Participating in gambling through virtual currency is more concealed and risky. Engaging in gambling and providing funding for gambling activities is illegal and against regulations. Do not participate in virtual currency gambling transactions, and maintain the bottom line of financial security.

According to Bloomberg, the U.S. government has seized nearly $9 million in USDT, stating that the related funds can be traced back to an organized fraud network.The U.S. Department of Justice stated that this operation targeted a scam model commonly known as "pig butchering," where the involved gang gained the victims' trust by establishing fake romantic or personal relationships and induced victims to transfer money with fabricated cryptocurrency investment returns.

According to The New York Times, Canadian man Trenton Johnston pleaded guilty in a federal court in Florida, admitting to participating in a money laundering conspiracy involving approximately $13 million, with funds sourced from cryptocurrency fraud. Prosecutor documents show that Johnston, over a two-year period, impersonated representatives of Google and cryptocurrency companies to lure victims into giving up their account access, and conspired with accomplices to transfer and hide illegal proceeds for luxury spending, including luxury cars, jewelry, nightclub expenses, and private jet travel.In March 2024, he was pulled over by police for speeding in a Rolls Royce in Miami, where there was a suspected smell of marijuana and illegal drugs in the vehicle, leading to a subsequent investigation that uncovered his long-term involvement in cryptocurrency fraud. The case also revealed that he had scammed a California resident out of approximately 185 bitcoins (worth about $13 million) using social engineering tactics. Data from the FBI indicates that losses related to cryptocurrency theft exceeded $11 billion in 2025, an increase of about 20% year-on-year. Currently, Johnston, as a first-time offender, has reached a plea agreement with prosecutors and is expected to face a prison sentence of 4 to 5 years, after which he will be deported to Canada.

Recently, the Haidian Court in Beijing, China, made a ruling on a fraud case. Retired elderly man Meng, due to his obsession with virtual currency trading and unwillingness to use his pension, disguised himself as a "Central Ministry" staff member in his 20s named Xiao Hong on a short video platform and established an online romantic relationship with a young man. Meng deceived the young man out of over 200,000 yuan by claiming that his family member was ill and urgently needed surgery, and for other reasons such as preparing for an overseas exam.Meng invested all the over 200,000 yuan he defrauded into virtual currency trading and opened a tenfold leverage account. Subsequently, due to a market downturn, he faced liquidation, resulting in a total loss of funds. The Haidian Procuratorate previously prosecuted Meng for fraud, and the Haidian Court ultimately sentenced Meng to 4 years in prison and imposed a fine, while also ordering him to compensate the victim for their economic losses.

According to FinanceFeeds, the Australian Securities and Investments Commission (ASIC) has issued a warning that scammers are defrauding retail investors through messaging apps like WhatsApp and fake cryptocurrency trading platforms. Scammers typically post investment advice on social media to attract users to join message groups disguised as well-known financial figures or trading communities, then lure them into depositing funds into fake platforms. These platforms simulate profits by fabricating trading data, and when users attempt to withdraw funds, they are asked for additional "unlock fees," with all funds flowing directly into the scammers' accounts.Additionally, scammers are targeting investors who have already suffered losses by promoting fake "fund recovery services" for secondary fraud. According to Moneysmart survey data, 23% of Australians aged 18 to 28 hold cryptocurrency assets, 72% of Generation Z have seen cryptocurrency ads on social media, and 41% have been directly persuaded to invest in cryptocurrencies, indicating a significantly higher risk exposure among the younger demographic. ASIC advises investors to be cautious of investment advice on social media and recommends verifying the compliance qualifications of platforms through the AUSTRAC virtual asset service provider register.

According to GoPlus security alerts, phishing scams promoting black U and anti-money laundering detection websites have appeared on the X platform. Investigations reveal that the website is a phishing site hosted on the Vercel platform, aimed at tricking users into authorizing their wallets, so please do not interact.GoPlus recommends: try to avoid private transactions and use the OTC features of centralized exchanges; maintain a high level of suspicion towards unfamiliar links, especially those requiring wallet signatures or authorizations; remember the "four no choices" to prevent phishing: do not click on unfamiliar links, do not install software from unknown sources, do not sign transactions with unclear content, and do not transfer funds to unverified addresses.

XRPL developer Wietse Wind has issued a latest security warning to the XRP community, stating that recent scam activities targeting Xaman Wallet users are on the rise. Scammers are currently promoting fake desktop wallet applications and counterfeit airdrop activities to lure users into connecting their wallets or downloading malicious programs, thereby stealing funds. Wietse Wind reminds users not to connect their wallets to suspicious websites and not to download any unofficial applications to avoid asset loss.

XRPL developer Wietse Wind has issued a latest security warning to the XRP community, stating that there has been an increase in scam activities targeting Xaman Wallet users. Scammers are currently promoting fake desktop wallet applications and counterfeit airdrop activities to lure users into connecting their wallets or downloading malicious programs, thereby stealing funds.Wietse Wind reminds users not to connect their wallets to suspicious websites and not to download any unofficial applications to avoid asset loss.

The Internet Crime Complaint Center (IC3) under the FBI in the United States has released data showing that in 2025, IC3 received over 13,400 complaints regarding the use of cryptocurrency kiosks, with losses exceeding $388 million. Compared to 2024, the number of complaints increased by 23%, and the amount of losses increased by 58%. More than half of the complaints involved individuals over the age of 50, with losses exceeding $302 million.Cryptocurrency kiosks are devices or electronic terminals similar to ATMs that allow users to exchange cash and cryptocurrency. Criminals may lure victims into sending money through cryptocurrency kiosks. In typical complaints received by IC3 regarding cryptocurrency kiosks, criminals provide individuals with detailed instructions on how to withdraw money from banks, how to locate kiosks, and how to use the kiosks for deposits and remittances. IC3 warns that the relevant statistics pertain to scam complaints involving cryptocurrency ATMs, and the overall losses may not be solely caused by cryptocurrency ATMs alone.

The Hong Kong Securities and Futures Commission issued a notice reminding the public to remain highly vigilant against scams that impersonate the Investor Compensation Fund. These scams often cause victims to suffer secondary losses. Scammers contact individuals who have previously suffered investment losses and falsely claim that the victims are eligible to recover losses from the compensation fund, demanding that they only need to pay an additional "deposit" or "fee" to arrange for the compensation fund to provide "compensation," resulting in many victims being defrauded a second time.The Hong Kong Securities and Futures Commission reminds the public that the Commission will not contact investors through social media or instant messaging platforms to request payments related to compensation claims.