In recent years, with the rapid development of cryptocurrency and blockchain technology, criminals have also used it as a key tool for transnational fraud, money laundering, illegal mining, and other activities. The response from regulatory and law enforcement agencies is also accelerating, with multiple international actions revealing new trends and challenges.

On one hand, global crackdown operations led by INTERPOL have achieved significant results. From April to August 2025, an operation codenamed "HAECHI VI" was conducted in over 40 countries and regions, freezing thousands of bank accounts and hundreds of cryptocurrency wallets, recovering approximately $439 million in assets. In African countries, related actions also dismantled a large number of illegal cryptocurrency mining facilities, with the involved power equipment valued at about $37 million. These data indicate that transnational crime has expanded from simple online fraud to multiple dimensions including crypto assets, illegal mining, and financial money laundering.

Secondly, typical fraud networks have become highly internationalized and structured. For example, in October 2025, the United States and the United Kingdom jointly sanctioned a network operating in Southeast Asia. This network is controlled by a multinational corporate group, establishing fraud centers in Cambodia, Myanmar, and other locations, using trafficked labor to implement "crypto investment" scams, and laundering money through luxury real estate, yachts, and other assets. The fraud methods often include "romantic" inducements, "pig butchering" forced labor, and fake cryptocurrency platforms, exhibiting highly cross-regional and cross-tool characteristics.

Thirdly, the money laundering links are becoming increasingly complex, with obvious cross-chain features. Recent industry research indicates that criminal organizations are increasingly transferring funds through multiple blockchains, bridging services, and mixing tools. Some cases even involve more than five links. This trend means that traditional tools that only monitor a single blockchain are becoming inadequate, and law enforcement and compliance are entering a new era of "tracking cross-chain—tracking globally."

However, despite the increased efforts, challenges remain. Firstly, criminal networks often hide in regions with weak legal jurisdictions and underdeveloped regulatory systems. The locations of fraud centers, the establishment of illegal mining sites, and the final stages of money laundering often operate in regulatory blind spots. Secondly, the anonymity, global dissemination, and rapid technological updates of crypto assets make investigation costs high and the evidence chain complex. Thirdly, victims are often dispersed and transnational, facing cross-border legal and administrative barriers in judicial cooperation, evidence collection, extradition, and asset recovery.

For the industry and policy, there are several key response directions. Firstly, strengthen intelligence sharing and joint actions among multiple countries. As seen from HAECHI VI and the Southeast Asian fraud network case, it is difficult to comprehensively curb these activities relying solely on a single country. Secondly, enhance regulatory capabilities for crypto tools and platforms, including exchanges, wallet providers, and crypto ATMs, all of which may become tools for crime. For example, some national regulatory agencies have warned that crypto ATMs pose a high risk of being used for money laundering and fraud. Thirdly, strengthen compliance requirements for financial institutions and crypto service providers, especially in monitoring cross-chain asset flows, identifying suspicious transactions, and verifying customer identities. Fourthly, enhance public education and victim support systems, as fraud and money laundering are not only asset losses but also crises of social trust.

Overall, the fight against transnational cryptocurrency crime is entering a more systematic, technological, and international new stage. From global joint fund recovery and wallet freezing to precise sanctions against fraud networks and in-depth tracking of money laundering links, the law enforcement toolbox is continuously upgrading. However, at the same time, criminal tools are also evolving in tandem. Therefore, regulatory agencies, law enforcement bodies, and industry participants in various countries must continuously adapt to new trends to avoid falling behind in the race of "crypto crime—regulatory response."

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Original: “Tackling Transnational Crypto Crimes: A New Global Action Framework”

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