A 20-year-old's cryptocurrency wallet moved more than $122.5 million in just 10 months as part of a scheme to launder money stolen from romance-scam victims, Interpol said, in one of the standout cases from a sweeping global anti-fraud operation.

Thai police made two arrests in the case, according to Interpol, which said the operators funneled the proceeds into a mix of cryptocurrencies and used cross-chain token swaps, shifting funds between different blockchains, to obscure where the money went.

The arrests were part of Operation First Light 2026, a coordinated crackdown that ran from mid-January to the end of April across 97 countries and territories. In total, authorities made 5,811 arrests, intercepted $293 million in illicit assets and identified more than 142,000 victims, Interpol said, while blocking 31,014 bank accounts and analyzing more than 152,000 cases. Some of the freezes relied on I-GRIP, an Interpol stop-payment mechanism that can halt flows of both traditional money and virtual assets.

Criminal syndicates "exploit human psychology to manipulate their targets," said Tomonobu Kaya, who heads Interpol's financial crime and anti-corruption center, adding that no country can stay safe unless all of them push back together.

Pig butchering and crypto laundering

Romance scams, often called "pig butchering," typically start with a stranger building a relationship over weeks or months before steering the target toward a fake crypto investment. Once victims' money is on-chain, launderers move fast to break the trail, hopping funds across blockchains and swapping between tokens so investigators lose the thread.

That pattern has hardened as enforcement has ramped up. Flows from these operations increasingly lean on stablecoins, low-fee chains and rapid cross-chain swaps to "fragment movement and buy time," Ari Redbord, a former U.S. Treasury official now at blockchain analytics firm TRM Labs, told Decrypt last year, after Interpol formally designated scam-compound networks a transnational threat affecting victims in more than 60 countries.

The sums involved are enormous. UN investigators estimate that pig-butchering operations generated tens of billions of dollars between 2020 and 2024, much of it run out of fortified compounds in Southeast Asia that rely on trafficked and coerced labor. Cambodia has since advanced a law threatening scam bosses with life imprisonment, and U.S. courts have handed down long sentences, including 20 years for one fugitive tied to a $73 million laundering scheme.

Thailand and crypto crime

Thailand sits on the front line, bordering the Myanmar and Cambodian regions where many compounds operate. Its Cyber Crime Investigation Bureau fields around 800 complaints a day, most involving crypto-enabled fraud or laundering, according to a 2025 case study by TRM Labs. Bangkok has become a frequent arrest point for suspects on the run, including a Portuguese man accused of $580 million in crypto and card fraud who was picked up there in 2025.



Blockchain analytics firm Chainalysis estimated that crypto scam inflows surged in 2025, with the average scam payment more than tripling to $2,764 as fraudsters folded AI, phishing kits and layered laundering networks into their operations.

First Light, funded by China's Ministry of Public Security and backed by regional policing bodies, is only one campaign in a widening effort, with Interpol's tally of more than 142,000 victims in a single four-month window illustrating the scale of the challenge facing law enforcement.

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