Global Crackdown on Cryptocurrency Scam Centers Yields 276 Arrests, $700M in Seized Funds A sweeping international operation led by Dubai Police, in collaboration with the FBI and China’s Ministry of Public Security, has dismantled nine cryptocurrency scam centers and arrested 276 suspects linked to fraud schemes targeting Americans. The coordinated effort, part of Operation Level Up, has prevented an estimated $562 million in losses since its launch in January 2024, with authorities notifying nearly 9,000 victims as of April 2026. Among those charged are six individuals including Thet Min Nyi (27), Wiliang Awang (23), and Andreas Chandra (29) accused of running fraudulent companies (Ko Thet Company, Sanduo Group, and Giant Company) that orchestrated "pig butchering" scams. These schemes involved building trust through fake romantic or friendly relationships before luring victims into fraudulent cryptocurrency investments. Once funds were transferred, assets were laundered into accounts controlled by the fraudsters. The operation also exposed ties to human trafficking, with foreign nationals coerced into running scams under slave-like conditions after being deceived by false job offers. In a separate case, two Chinese nationals Jiang Wen Jie and Huang Xingshan were charged for their roles in the Shunda scam compound in Myanmar, where trafficked workers were forced to defraud victims under threats of violence. Huang, a high-level manager, allegedly participated in physically punishing workers, while Jiang oversaw teams targeting Americans. Both were arrested in Thailand in early 2026 while traveling from Cambodia to Burma. The crackdown extended to digital infrastructure, with authorities seizing a Telegram channel (@pogojobhiring2023) used to recruit trafficking victims and 503 fake investment websites. Over $701 million in cryptocurrency tied to money laundering was restrained, while the U.S. Treasury sanctioned Cambodian Senator Kok An and his associates for operating scam centers under the K99 Group. Kok An, linked to cyber fraud and human rights abuses, remains at large after fleeing Thailand. Cambodia has responded by passing its first law targeting scam centers, imposing 5–10-year prison sentences and fines up to $250,000 for convicted operators. Meanwhile, researchers uncovered an Android banking trojan likely originating from the K99 Triumph City compound used since 2023 to steal credentials and drain bank accounts. The malware, distributed via fake government and banking domains, has expanded to target victims in Africa and Latin America, with 400 new lure domains registered in 2025 alone. In parallel, Operation Atlantic froze $12 million from a cybercrime ring using "approval phishing" to hijack cryptocurrency wallets, affecting over 20,000 victims across 30 countries. The U.S. Treasury also launched a cybersecurity initiative to share threat intelligence with digital asset firms, aiming to bolster defenses against evolving fraud tactics.