• U.S. authorities cited “unprecedented” cooperation with China and Dubai in arresting 276 suspects.
• Fraud schemes used pig-butchering tactics, fake platforms, and laundering to steal millions.
• The case shows authorities are targeting infrastructure behind cross-border crypto fraud operations, not only individual scammers.

On April 29, 2026, U.S. authorities announced a major crackdown on cryptocurrency investment scam centers that allegedly used fraudulent investment platforms and social manipulation tactics to steal from victims. The operation led to at least 276 arrests and the dismantling of at least nine scam centers. The case highlights how organized fraud networks moved victims’ crypto beyond their control.

The enforcement action centered on scam centers accused of targeting Americans with fraudulent cryptocurrency investment pitches. The U.S. Department of Justice (DOJ) described:

“Unprecedented cooperation between the FBI, Dubai Police Department, and Chinese Ministry of Public Security has resulted in the arrest of at least 276 individuals and the dismantlement of at least nine scam centers used for cryptocurrency investment fraud schemes.”

“These centers targeted Americans who have suffered millions of dollars in losses from such schemes,” the DOJ added.

Dubai authorities arrested 275 people, including three defendants charged in San Diego. Thailand’s Royal Thai Police arrested another defendant. The San Diego cases name Thet Min Nyi, Wiliang Awang, Andreas Chandra, Lisa Mariam, and two fugitives. Prosecutors tied the alleged activity to Ko Thet Company, Sanduo Group, and Giant Company. The schemes relied on “pig-butchering,” where scammers built fake friendships or romances before pushing victims into bogus investments. Victims were urged to open accounts, transfer cryptocurrency, borrow money, take loans, and increase deposits. The platforms appeared to show investment activity, but prosecutors say victims lost control after sending assets. Authorities identified victims through FBI Internet Crime Complaint Center reports, interviews, and financial records.

The alleged fraud mechanics centered on emotional manipulation, false investment claims, and rapid movement of funds. Scammers promoted supposed cryptocurrency returns to make the offers appear credible. They then helped victims send assets to platforms the victims did not know were false. The DOJ explained:

“Fake platforms put the victims’ funds in the hands of the scammers, who then laundered the victims’ funds to other cryptocurrency accounts, including their own.”

The defendants allegedly worked as managers, recruiters, or staff inside the scam operations. Authorities said the groups operated across jurisdictions and caused millions of dollars in losses. FBI San Diego opened its investigation in 2025 after identifying companies and individuals tied to scam compounds. Meta Platforms, Inc., the parent company of Facebook and Instagram, provided information used in the investigation.

The charges include wire fraud conspiracy and money laundering conspiracy. Each carries a maximum penalty of 20 years in prison, with fines that can reach $250,000, $500,000, or twice the gain or loss, depending on the charge. Prosecutors also included criminal forfeiture allegations in the indictment against Thet Min Nyi and a fugitive co-defendant. The operation involved the FBI, Dubai Police, China’s Ministry of Public Security, Thailand’s Royal Thai Police, and other partners. It also follows broader FBI San Diego crypto fraud work, including Operation Level Up, which had notified almost 9,000 victims and saved an estimated $562 million as of April 2026. The case shows enforcement agencies are targeting the infrastructure behind crypto fraud, not only individual scammers.

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