Crypto Scams: 60+ Countries Hit

Crypto Scams: 60+ Countries Hit

#Interpol #Reports #Countries #Hit #Human #TraffickingFueled #Crypto #Scams #OrxCash

Crypto Scams: 60+ Countries Hit

The International Criminal Police Organization (Interpol) has officially recognized crypto-enabled fraud as a significant global threat, adopting a new resolution at its General Assembly to combat the rapid expansion of transnational scam centers. These centers are implicated in large-scale fraud, human trafficking, and severe abuse, with victims from over 60 countries being trafficked into scam centers operating beyond Southeast Asia.

The Scope of the Problem

Interpol notes that these criminal hubs often lure victims with promises of high-paying overseas jobs, only to coerce them into compounds where they are forced to carry out schemes ranging from voice phishing and romance scams to investment fraud and cryptocurrency fraud. The conditions faced by those held against their will are brutal, including physical violence, torture, sexual exploitation, and rape.

Global Response

The resolution comes as criminal networks increasingly use advanced technologies to deceive victims and conceal their operations. Interpol has outlined measures to strengthen international law enforcement efforts, including real-time intelligence sharing, multinational joint operations, targeted action against criminal financing, and standardized emergency protocols to rescue and repatriate victims. Interpol Secretary General Valdecy Urquiza emphasized the need for collaboration, improved information sharing, and coordinated action to counter these criminal networks.

Key Actions and Statistics

  • 2,500 arrests were made in Interpol’s largest-ever global operation against trafficking-driven fraud across 116 countries and territories in 2024.
  • Additional regional operations were conducted in Africa and Europe.
  • The organization first drew attention to the rise of scam centers in 2022 with a Purple Notice warning of social media recruitment tactics.
  • A 2023 Orange Notice identified trafficking-fuelled fraud as a serious and imminent threat to public safety.

High-Profile Cases

Interpol continues to pursue individuals tied to alleged crypto-related crimes, including Terraform Labs co-founder and CEO Do Kwon, who was issued a Red Notice following the collapse of the Terra ecosystem. Other notable cases include Wong Ching-kit, added to Interpol’s alert system for suspected involvement in a cryptocurrency scam, and Richard Schueler, founder of the Hex cryptocurrency, listed under a Red Notice for allegations of tax fraud and assault.

Broader Market Impact

The rise of crypto scams and the international response to them signals a critical juncture in the blockchain and cryptocurrency landscape. As regulatory bodies and law enforcement agencies ramp up efforts to combat fraud, retail investors must remain vigilant and informed. The intersection of cryptocurrency with traditional crime, such as drug and wildlife trafficking, underscores the complex challenges faced by authorities. From a retail investor perspective, the increased scrutiny and action against crypto scams could lead to a more secure and transparent market, potentially boosting confidence and adoption in the long term. However, it also highlights the need for investors to conduct thorough research and due diligence before engaging with any cryptocurrency or investment opportunity.

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