China, the US, and the UAE Make a Joint Cryptocurrency Move! Here Are the Details
As cryptocurrency scams continue to rise, a collaborative effort has emerged from some of the world’s leading names.
Accordingly, the US, the United Arab Emirates, and China jointly raided nine cryptocurrency fraud centers in an operation.
The US Department of Justice (DOJ) announced that an international joint operation led by Dubai Police dismantled at least nine cryptocurrency fraud centers and arrested 276 people.
The operation involved the US Federal Bureau of Investigation (FBI), the Chinese Ministry of Public Security, and the Royal Thai Police.
Of those detained, 275 were in Dubai, while one person was detained separately by the Royal Thai Police.
Six people face federal fraud and money laundering charges in the U.S., and if convicted, risk up to 20 years in prison and fines for each charge.
The investigation revealed that the suspects operated fake cryptocurrency investment platforms, deceiving victims into investing money. The losses are estimated to be in the millions of dollars.
Andrew Tysen Duva, Acting Assistant Attorney General of the U.S. Department of Justice, stated that fraud is a transnational crime and that international cooperation between law enforcement agencies is essential to eradicate it.
Apart from this operation, similar operations were also carried out in Europe. Europol reported that in an investigation conducted jointly with Austrian and Albanian authorities, three fraud centers were closed and 10 people were detained in Albania.
*This is not investment advice.
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