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in Crypto Investment Scam
sbs.com.au
· 2025-12-08
This is not an article about elder fraud or scams—it is an English language learning lesson from SBS Learn English that uses scam-related vocabulary and scenarios as teaching material. The lesson teaches intermediate English speakers about phishing emails, scam terminology, and passive voice grammar through a dialogue about Gloria, who nearly fell for a fake Australian Taxation Office message but recognized it as suspicious and did not click the link. The educational content includes definitions of scam-related terms, colloquial expressions, and grammar explanations focused on discussing fraud experiences.
gigazine.net
· 2025-12-08
Cybersecurity researchers discovered fraudulent apps disguised as calculators and financial news apps on Google Play and the App Store that facilitated "pig butchering" scams, where victims were tricked into depositing funds on fake trading platforms after providing personal and identification documents. The malicious apps, which evaded store review mechanisms by displaying legitimate-looking screens during testing, were downloaded thousands of times primarily in the Asia-Pacific region before being removed, though scammers have since shifted to using phishing sites instead. Experts recommend that financial institutions implement fraud monitoring systems and educate users to verify links and research investments thoroughly.
tradingview.com
· 2025-12-08
The FBI warns of Ichcoin, a fraudulent cryptocurrency platform that has stolen approximately $30 million from U.S. investors since December 2023 by using fake social media profiles to lure victims into investment conversations, direct them to WhatsApp, and convince them to make large wire transfers. Victims are shown fake returns on the Ichcoin app but lose all funds when they attempt withdrawal and are ghosted by scammers. The scheme highlights a broader surge in crypto fraud, with stolen cryptocurrency nearly doubling to $1.58 billion by mid-2024, and demonstrates the evolving threat of pig butchering scams that use
weareresonate.com
· 2025-12-08
80-year-old Alice Lin from California lost her entire life savings of $720,000 to a "pig butchering" scam on WeChat, where a fraudster built trust with her over three weeks before convincing her to make seven wire transfers for a fake investment. Lin is now suing JP Morgan Chase for failing to identify red flags and alert her trusted contact about the unusual account activity, and she has testified in support of legislation requiring banks to delay large transactions when elder fraud is suspected.
clickondetroit.com
· 2025-12-08
Michigan residents lost approximately $80 million to cryptocurrency scams in 2023, with scammers impersonating government agencies and demanding payment via bitcoin or gift cards for fines and tickets. Michigan State Police and local law enforcement agencies warned residents that legitimate government agencies never request payment in cryptocurrency or gift cards, and advised victims to contact the actual agency directly if contacted by such scammers. One Northville Township resident was defrauded of roughly $300,000 in a similar scheme.
thedailybeast.com
· 2025-12-08
Truth Social users, particularly retired older adults, have lost thousands to millions of dollars in scams on the platform over the past two years, with complaints to the FTC documenting "pig butchering" investment schemes, cryptocurrency fraud, and romantic scams that exploited victims out of amounts ranging from $21,000 to $500,000. The scams typically involved fraudsters creating fake investment accounts showing fictitious gains to lure victims into larger contributions, or posing as romantic interests to extract money for supposed emergencies or investment opportunities. Truth Social's parent company stated it has a team actively searching for and removing scams and bots from the platform.
rollingstone.com
· 2025-12-08
Truth Social users, predominantly older adults, have reported losing tens of thousands to half a million dollars to romance scams, fake cryptocurrency investment schemes ("pig butchering"), and recovery scams originating on the platform, according to FTC complaints. One 72-year-old victim lost $21,000 to a romance scammer, while a North Carolina resident lost $150,000 to a fake investment scheme falsely claiming Trump and other Republican figures as co-founders. Many victims are Baby Boomers withdrawing retirement savings, with scammers using fake identities, false promises of investment returns, and fake banking websites to perpetrate the frauds.
alternet.org
· 2025-12-08
Truth Social users, predominantly older Americans, lost hundreds of thousands of dollars to scammers using "pig butchering" schemes and romance scams, according to FTC complaints obtained by a tech reporter. Victims included a 60-64-year-old from Minnesota who lost $500,000 to a cryptocurrency investment scam, a septuagenarian who lost $21,000 in a romance-based scheme, and a 70-74-year-old from Oregon who lost $120,000 in a fake gold trading scam. Scammers typically build trust on Truth Social before moving victims to other platforms and convincing them to invest in fake cryptocurrency, stock, or precious
dailyhodl.com
· 2025-12-08
An Atlanta resident fell victim to a spoofing scam in which fraudsters impersonated a JPMorgan Chase fraud representative using a spoofed phone number and tricked her into authorizing a $17,900 transfer to a Wells Fargo account. Despite the customer discovering the fraud in real time and rushing to both a Chase branch and a Wells Fargo branch, neither bank recovered the funds, with Chase refusing reimbursement and Wells Fargo claiming to have investigated but taking no action. The incident highlights the vulnerability of customers to sophisticated phone spoofing attacks and the challenges in recovering stolen funds once they are transferred between financial institutions.
kq2.com
· 2025-12-08
Nick Gertsema delivered a seminar at Benedictine Living Community in St. Joseph, Missouri, educating senior citizens on preventing identity theft and scams. Key prevention strategies include never sharing personal information with unknown contacts, verifying the identity of those requesting information, and recognizing that requests for payment in cash, gift cards, or cryptocurrency are scam indicators. Individuals who suspect fraudulent contact should hang up and contact their bank and authorities.
pymnts.com
· 2025-12-08
Southeast Asian scam operations generated between $18 billion and $37 billion in fraudulent losses during 2023, with criminal networks expanding their use of sophisticated technologies including malware and generative AI to conduct crypto fraud, romance scams, and money laundering across the Mekong region. Beyond direct victims, thousands of people have been trafficked to work in "scam centers" embedded in casinos, hotels, and special economic zones, while organized crime groups have professionalized their money laundering operations to become global market leaders in moving illicit proceeds.
cnbc.com
· 2025-12-08
Federal officials warn of rapidly increasing cryptocurrency scams where fraudsters establish fake romantic or professional relationships on dating apps, social media, and messaging platforms, then convince victims to invest in crypto on fraudulent platforms. Consumers lost an estimated $5.6 billion to crypto-related scams in 2023 (up 45% from 2022), with relationship scams being the most prominent type and averaging $178,000 in losses per victim; the SEC brought its first enforcement actions against these schemes in operations involving platforms like WhatsApp and LinkedIn.
hollywoodreporter.com
· 2025-12-08
Computer security company McAfee identified the top 10 celebrities whose identities are most frequently exploited in online scams, with Scarlett Johansson, Taylor Swift, and Johnny Depp leading the list. Scammers use these celebrities' names and likenesses without permission across various fraudulent schemes including fake product endorsements, cryptocurrency investments, ticket scams, deepfake videos, and malware distribution designed to steal financial information or enable identity theft. As AI tools make fraudulent content increasingly convincing, experts warn consumers to exercise caution and verify authenticity before engaging with celebrity-related online offers.
theglobeandmail.com
· 2025-12-08
While elder fraud remains prevalent, scammers are increasingly targeting younger social media users through platform-specific schemes including fake brand ambassador programs, cryptocurrency rug-pulls, and account impersonation. The article advises users of all ages to exercise skepticism, verify information through reliable sources, and wait 24 hours before providing money or personal information online to avoid falling victim to these evolving fraud tactics.
livebitcoinnews.com
· 2025-12-08
In April, Indian scammers impersonating Coinbase support stole approximately 15 Bitcoin ($1 million) from an elderly U.S. user through social engineering; blockchain investigator ZachXBT successfully recovered $275,000 of the stolen funds through on-chain analysis and collaboration with authorities. The same scam ring is suspected of stealing over $5 million from multiple victims by laundering funds through Tron's blockchain and cryptocurrency exchanges. The recovery highlights the vulnerability of elderly adults to cryptocurrency fraud, with elderly users being three times more likely to fall victim to crypto scams compared to younger individuals.
pembinavalleyonline.com
· 2025-12-08
Winkler Police Service received multiple scam reports in mid-September, including a cryptocurrency withdrawal scam where a male lost money after being told to pay fees through "pay now" loans; an immigration fraud case in which a female transferred a large sum to someone posing as an immigration representative who then demanded additional money and threatened deportation; and a sextortion email scam targeting a female with threats to distribute intimate videos unless bitcoin was paid. Victims were advised to contact their banks and monitor accounts, with one victim declining to pursue charges.
firstalert7.com
· 2025-12-08
The FBI warns that cryptocurrency scams are growing as digital currency becomes more mainstream, with Americans losing approximately $4 billion to crypto scams last year and Midland-Odessa residents losing $4.7 million. The most common scheme, called "Pig Butchering," involves scammers building trust with victims before directing them to fake cryptocurrency wallets through QR codes, showing fabricated gains to encourage larger investments that are ultimately stolen. To protect themselves, people should research investments thoroughly, remember that if an opportunity seems too good to be true it likely is, and store cryptocurrency wallets only on secure encrypted hard drives.
justice.gov
· 2025-12-08
Three federal agencies (Justice Department, FTC, and CFPB) warned consumers about potential fraud and price gouging schemes that exploit natural disasters and hurricanes. Common scams include fraudulent charities imitating legitimate relief organizations, scammers impersonating government officials demanding personal information or payment, fake disaster recovery businesses, and price gouging on essential goods and services. Consumers are advised to avoid wire transfers, gift cards, payment apps, and cash payments for disaster services, never pay fees to obtain relief, and research contractors thoroughly before hiring.
ftc.gov
· 2025-12-08
Federal agencies (FTC, DOJ, and CFPB) warned consumers about hurricane-related scams and price gouging, including fraudulent charities, fake government officials offering relief for fees, fake disaster recovery businesses, and inflated prices for essentials. The agencies cautioned against wire transfers, gift cards, and cryptocurrency payments, emphasized that FEMA never charges fees for disaster relief, and advised consumers to research contractors, obtain multiple estimates, and get written contracts before signing.
crypto.news
· 2025-12-08
Ohio's newly established Electronic Fraud Investigations unit recovered $130,000 of the $280,000 lost by a 75-year-old Worthington woman who fell victim to a cryptocurrency scam after being tricked into using a Bitcoin ATM via a fake computer alert. While the recovery marked the unit's first success, the perpetrators remain unidentified, illustrating the challenges of prosecuting crypto fraud cases due to rapid fund transfers and the anonymity of cryptocurrency schemes.
sbs.com.au
· 2025-12-08
This is an educational English language learning resource from SBS Learn English, not an elder fraud case. The episode teaches intermediate English learners vocabulary and grammar related to online scams and phishing, using a scenario where Gloria receives a suspicious phishing email impersonating the Australian Taxation Office. The lesson covers phrases for discussing online fraud, passive voice construction, colloquial expressions, and vocabulary definitions related to scams, emphasizing the importance of verifying senders and reporting suspicious messages to authorities.
securities.io
· 2025-12-08
This article identifies five prevalent cryptocurrency scams targeting victims in 2024, including phishing, fake exchanges, and Ponzi schemes. According to the Better Business Bureau, approximately 80% of Americans targeted in crypto and investment scams lost money, with a median loss of $3,800, while blockchain analysts report that scammers are adapting tactics to conduct shorter-duration, more devastating schemes. The article emphasizes that the complex nature of cryptocurrency and heightened market activity create ideal conditions for fraud, with scammers using text messages, social media, and fake platforms to manipulate victims into transferring funds.
nbcwashington.com
· 2025-12-08
Charles Cox lost $272,000 to a "pig butchering" cryptocurrency scam after befriending someone on Facebook who posed as an investor and convinced him to invest in a fake bitcoin website over several months. The scammer used sophisticated tactics including fake account screenshots showing profits and requests to wire increasingly larger amounts, ultimately tricking Cox into sending $185,000 before Adult Protective Services intervention revealed the fraud. Cox's bank was unable to recover the funds, and he warns others to avoid clicking links from online contacts, refuse to meet in person if requested, and be skeptical of investment opportunities from people they've only met online.
justice.gov
· 2025-12-08
A 21-year-old Boston man was charged with conspiracy to commit wire fraud after serving as a courier in a tech support scam that defrauded a 75-year-old Massachusetts man of approximately $420,000 between June and October 2024. The victim was lured by a fake Microsoft pop-up message, then convinced by a scammer posing as a federal Treasury agent that his identity was involved in money laundering and instructed to withdraw cash in installments and hand it to couriers at his home. The defendant was arrested on October 7, 2024, when he arrived to collect a package from an undercover officer, and admitted to collecting packages for payment at the
bankingjournal.aba.com
· 2025-12-08
Four federal agencies (CISA, FTC, DOJ, and CFPB) warned consumers about post-hurricane scams following Hurricanes Milton and Helene, including fraudulent charities, impersonators offering fake disaster relief for fees or personal information, and price gouging. The agencies advised verifying information through trusted sources like FEMA and Ready.gov, avoiding wire transfers and cash payments, never paying for FEMA assistance, and getting multiple contractor estimates before signing repair contracts.
nbcbayarea.com
· 2025-12-08
The FBI warned that cryptocurrency has become a major target for fraud, with California losing over $1 billion to stolen cryptocurrency in 2023, including $260 million in the Bay Area alone. Scammers specifically target elderly and retired investors by pitching fake cryptocurrency investment opportunities and then using intimidation tactics to extract additional funds, with investment fraud identified as the leading cause of crypto-related financial losses. The agency advises investors to be suspicious of unsolicited calls or texts promoting cryptocurrency investments or schemes that seem too good to be true.
aol.com
· 2025-12-08
An 83-year-old California woman was defrauded of $50,000 in a grandparent scam where fraudsters impersonated her grandson, claiming he needed bail money for a drunk driving accident and subsequent legal charges. The scammers directed her to convert cash to cryptocurrency through a Coinstar machine, and despite warnings from the machine and her bank manager, she made multiple transfers totaling $50,000 to a crypto account—funds that are now unrecoverable due to cryptocurrency's decentralized and anonymous nature. The scam exploited emotional manipulation and artificial urgency, tactics that are particularly effective against older adults, who according to FTC data experienced median fraud losses of
reed.senate.gov
· 2025-12-08
U.S. Senator Jack Reed partnered with AARP Rhode Island and the Rhode Island State Police to hold an Elder Fraud Prevention Summit addressing the rising threat of scams targeting older adults. According to the FBI, elder fraud complaints rose 14 percent in 2023 with losses exceeding $3.4 billion nationally, including $7.4 million lost by Rhode Islanders over age sixty. The summit emphasized public education, awareness of common scam tactics (tech support, romance, investment, and data breach scams), and the importance of reporting fraud to authorities rather than remaining silent out of embarrassment.
u.today
· 2025-12-08
A victim lost 15,079 fwDETH tokens (approximately $35 million) after falling victim to a phishing scam exploiting Ethereum's "permit" feature, which allows gasless token transfers through off-chain authorization signatures. Scam Sniffer reports that ERC-20 permit-based phishing has become the primary type of cryptocurrency phishing scam, with attackers using impersonated social media accounts and fake websites to trick victims into signing malicious authorizations that grant access to their tokens. In 2023, crypto users collectively lost over $300 million to phishing scams, with known criminal groups like Inferno Drainer targeting thousands of
morningjournal.com
· 2025-12-08
The Wellington Kiwanis will host an Internet Safety for Adults educational meeting on October 17 at 6 p.m. at the Wellington Fire Department, featuring systems engineer Chris Mohler who will teach attendees how to recognize and avoid online scams, phishing, email fraud, and identity theft. The presentation will cover practical warning signs and common attacks targeting older adults, with an emphasis on making the topic accessible and actionable for all users.
wired.com
· 2025-12-08
The UN Office on Drugs and Crime issued a report warning that digital scamming in Southeast Asia is rapidly expanding and becoming more sophisticated through the integration of generative AI, deepfakes, and cryptocurrency theft tools. Criminal networks have trafficked approximately 200,000 people into compounds across Myanmar, Cambodia, and Laos over the past five years to operate scams, with "pig butchering" investment schemes alone defrauding victims of around $75 billion, while organized crime groups in the region earned an estimated $37 billion last year. These criminal operations are increasingly using AI-generated content, deepfake videos, and automated tools to overcome language barriers and scale their scams globally, low
redrocknews.com
· 2025-12-08
Detective Justin White of the Sedona Police Department presented on internet and identity safety, emphasizing that gift card and cryptocurrency payment requests are always fraudulent and warning residents about 40 types of scams, particularly warrant and government impersonation scams that target older adults by exploiting fear and emotions. In 2023, the FBI reported 14,190 government impersonation victims with losses exceeding $394 million, while local authorities received 25-30 fraud reports in a 10-week period with no successful losses. White advised residents to stay calm, trust their instincts, verify claims independently, and report scams to the FBI's Internet Crime Complaint Center or local authorities.
dailybreeze.com
· 2025-12-08
A Santa Monica software developer lost $740,000 in a "pig butchering" romance scam, where a scammer cultivated trust over two months through daily communication before pitching fake cryptocurrency investments. This sophisticated long-con scheme, which originated in China in 2019 and expanded globally during the pandemic, has devastated hundreds or thousands of Californians—some victims have died by suicide after losing family fortunes—with Americans losing $4 billion to cryptocurrency investment scams in 2023, including $1.1 billion from California residents alone.
dailynews.com
· 2025-12-08
A Santa Monica software developer lost $740,000 in a "pig butchering" romance scam in which a scammer spent two months building trust and romantic connection before pitching a fake cryptocurrency investment scheme. The scam, which originated in China in 2019 and expanded globally during the pandemic, involves networks of scammers posing as romantic partners to exploit victims over weeks or months, with California residents losing over $1.1 billion to cryptocurrency investment scams in 2023 alone, and some victims driven to suicide after devastating financial losses.
coinmarketcap.com
· 2025-12-08
I cannot provide a summary for Elderus as requested. This content is about cryptocurrency markets, blockchain protocols, and financial technology—not elder fraud, scams, or elder abuse. It does not fall within the scope of elder fraud research and contains no information relevant to the Elderus database's purpose of documenting scams or fraud targeting older adults.
m.economictimes.com
· 2025-12-08
This alert describes 10 common scams targeting middle-aged and elderly people, including digital arrest threats, fake family member arrests, fraudulent stock trading schemes promising 30-40% returns, easy money offers, customs parcel interception claims, unauthorized credit card issuance, fake money transfer notifications, expired KYC update requests, and bogus tax refund calls. Each scam is accompanied by protective notes advising victims to verify claims directly with family members or institutions, avoid clicking suspicious links, check bank accounts independently, and recognize that schemes offering unusually high returns or easy money are typically fraudulent.
timesofindia.indiatimes.com
· 2025-12-08
Fraudsters are employing AI and sophisticated tactics to target victims across age groups in India, including fresh graduates (fake job offers), middle-aged parents (police threat scams), and retirees (KYC update phishing). From January to May 2024, Indian citizens filed approximately 9.5 lakh cybercrime complaints and lost around Rs 1,750 crore to various scams including TRAI impersonation, fake digital arrests, fraudulent stock trading schemes, and easy money-for-tasks schemes.
cointelegraph.com
· 2025-12-08
Scammers are targeting Ledger cryptocurrency wallet users with phishing emails falsely claiming that activating a "Ledger Clear Signing" feature is mandatory by October 31 to continue using their devices, with the malicious links directing users to fake websites to steal their login credentials and crypto assets. In September alone, phishing attacks stole approximately $46 million from about 10,800 victims, with the largest single attack draining $32.4 million in digital assets. Ledger's CTO emphasized that the company will never ask users to share account details or seed phrases, and users should avoid clicking suspicious links or providing personal information to unknown sources.
finextra.com
· 2025-12-08
Social media platforms, particularly Meta, face increasing pressure to combat fraud after a new UK Authorized Push Payment reimbursement scheme took effect in October, with Revolut reporting that over 60% of APP fraud victims in the first half of 2024 originated on Meta platforms. The article outlines six prevalent social media scams: romance scams (building trust before requesting money), job scams (fake postings requesting upfront fees or personal information, with finance roles most targeted at 35.45%), marketplace scams (rental and ticket fraud), phishing links, cryptocurrency/investment scams, and celebrity impersonation schemes. Payment service providers and social media companies are debating responsibility, with critics arguing
beincrypto.com
· 2025-12-08
Hong Kong police arrested 27 perpetrators (21 men and 6 women, mostly university graduates in digital media) operating a sophisticated romance scam that defrauded approximately $46 million from men across Asia between October 2023 and September 2024. The scammers used deepfake AI technology to create fake female personas who engaged victims in romantic conversations, building trust before convincing them to invest in fraudulent cryptocurrency platforms from which funds could not be withdrawn. This case exemplifies the growing trend of AI-enabled romance scams (also called "pig-butchering" schemes), which have caused over $75 billion in global losses since 2020, with deepfake-specific sc
crypto.news
· 2025-12-08
Hong Kong police arrested 27 people involved in a sophisticated romance scam that defrauded victims from multiple countries of $46 million between October 2023 and the investigation's conclusion. The syndicate used AI-generated photos and deepfake technology to pose as attractive women in online relationships, convincing victims to invest in fake cryptocurrency platforms while showing fabricated transaction records and discussing false future plans. The operation was highly organized with specialized roles in scamming, technical support, and accounting, with individual fraudsters earning tens of thousands of dollars monthly.
decrypt.co
· 2025-12-08
Hong Kong police dismantled a deepfake romance scam that defrauded victims across Hong Kong, Singapore, and mainland China of approximately $46 million between October 2023 and the investigation's conclusion. The multinational fraud syndicate used AI-generated images and deepfake technology to pose as women in online relationships, eventually convincing victims to invest in fake cryptocurrency platforms with falsified transaction records showing profits, then preventing withdrawals. Authorities arrested 27 individuals, including university graduates and suspected triad members, who operated specialized roles in the scheme and earned tens of thousands of Hong Kong dollars monthly.
therecord.media
· 2025-12-08
Hong Kong police arrested 27 people for operating a romance scam ring that used AI-generated photos and deepfake face-swapping technology to defraud victims of $46 million across Hong Kong, mainland China, Taiwan, India, and Singapore. The syndicate operated from a headquarters in Hung Hom and recruited university graduates to create fake trading platforms and cryptocurrency investment schemes, with scammers using deepfake technology during video calls to impersonate attractive individuals and gain victims' trust. Police seized computers, phones, and approximately $25,750 in suspected proceeds.
benzinga.com
· 2025-12-08
**Summary:**
UK fitness influencer Carly Rowena lost £5,700 ($7,450) in a cryptocurrency scam after transferring assets to a fraudulent Instagram account she believed belonged to a financial expert, but which was actually controlled by a scammer who had compromised her friend's profile. Rowena advised others to avoid deals appearing "too good to be true," verify communications through trusted contacts, and keep screenshots as proof before making financial decisions. The incident reflects a broader pattern of crypto fraud, with the FBI recently dismantling a $25 million crypto fraud ring, and regulatory officials noting the cryptocurrency sector accounts for a disproportionately large share of scams despite being a small part of
ibtimes.co.uk
· 2025-12-08
Hong Kong police arrested 27 individuals, primarily tech and digital media graduates aged 21-34, for operating a sophisticated deepfake romance scam that defrauded victims across Asia of over $46 million. The organized criminal ring used AI-generated deepfake personas of attractive women to initiate romantic relationships with male victims in Singapore, India, Taiwan, and elsewhere, then manipulated them into investing in fake cryptocurrency platforms through a structured operation with training manuals and specialized departments. The scam operated for approximately one year before law enforcement dismantled the operation in a raid that seized over 100 cell phones, nearly $26,000 in cash, and luxury watches.
fox5atlanta.com
· 2025-12-08
The FBI has alerted the public to a rising trend of AI-assisted scams using deepfake videos of celebrities and organizations to defraud victims of thousands of dollars. A tech-savvy individual named Austin Ennis lost $4,000 after scanning a QR code from a fake Elon Musk video promoting a cryptocurrency giveaway, which directed him to a fraudulent website. The FBI recommends verifying website legitimacy through WHOIS domain lookups and remaining vigilant about suspicious phishing emails, noting that scammers typically operate from overseas.
pcworld.com
· 2025-12-08
A Hong Kong-based scam ring of 27 people used romance-fraud schemes combined with real-time deepfake video technology to steal approximately $46 million from victims across China, Taiwan, India, and Singapore. The scammers created fake profiles with AI-generated photos, built romantic relationships through messaging, and when victims requested video verification, used deepfake software to convincingly impersonate the attractive women in their profiles before convincing targets to "invest" in fraudulent cryptocurrency schemes. This "pig butchering" technique, which has reportedly stolen as much as $75 billion globally, is expanding internationally with increasing sophistication as AI tools make it easier for organized crime rings to create convincing
interpol.int
· 2025-12-08
**Operation SOGA X (June-July 2024):** An international law enforcement operation involving INTERPOL and 28 countries made over 5,100 arrests and recovered USD 59 million in illicit proceeds from illegal gambling networks. The operation rescued more than 650 human trafficking victims in the Philippines who had been lured with false employment promises and forced into running cyber scams including romance scams and cryptocurrency fraud, while also dismantling major illegal betting operations in Vietnam, Thailand, and Greece that generated hundreds of millions in illegal transactions through money laundering schemes.
bitcoinist.com
· 2025-12-08
Hong Kong authorities dismantled a HK$360 million ($46.3 million) cryptocurrency romance fraud scheme operating over approximately one year, arresting 27 suspects who lured victims from Hong Kong, India, Singapore, and Malaysia into fake online relationships and cryptocurrency investment scams. Police seized over HK$200,000 in cash and luxury goods, and authorities emphasized the need for victims to verify cryptocurrency platforms and investment opportunities before participating.
cointelegraph.com
· 2025-12-08
Hong Kong police arrested 27 people in October for operating a crypto romance investment scam that used AI deepfakes to defraud victims of $46.3 million. The scammers, mostly targeting men from mainland China, Taiwan, India, and Singapore, posed as women using deepfake technology to lure victims into fake cryptocurrency investment schemes operated from an industrial building in Hung Hom. The operation employed university graduates in digital media and overseas IT professionals to build the fraudulent platform and develop training materials for the deepfake scams.