Coinbase has frozen more than $3 million in cryptocurrencies linked to fraud rings in Southeast Asia. The move was part of the US Department of Justice’s coordinated week of disruption with private technology companies.
The operation brought together federal investigators with major platforms to throttle the accounts and infrastructure behind online investment scams that drained billions from American victims.
Inside the Department of Justice’s Disruption Week
The Justice Department announced the results on June 3. The Fraud Center’s Strike Force led these efforts. Agents from the Federal Bureau of Investigation (FBI) and the Secret Service shared targeted intelligence with private participants.
Apple, Google, Meta, Microsoft, SpaceX and analytics company TRM Labs joined the exchange. Police from Thailand, the United Kingdom, Australia, Canada and New Zealand also participated.
Together, the two companies disabled more than 1.4 million social media and email accounts. Thai police arrested seven Scammers and open new cases.
“Online and cryptocurrency investment fraud is devastating Americans on Main Street, wiping out life savings and preying on some of our most vulnerable citizens,” U.S. Attorney Jeanine Pirro said. male.
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Why does Coinbase call cryptocurrencies a crime-fighting tool?
Coinbase has contributed a freeze of more than $3 million Network-related assets. The company frames blockchain as an aid to investigators, not a liability.
He argues that public ledgers give law enforcement a permanent, traceable record, something traditional funding often lacks.
“This operation is proof that no single company or agency can stop fraudsters alone. It took social platforms, financial institutions, telecommunications providers, and law enforcement working in concert to strike these networks at nearly every point in the fraud chain, online accounts, financial flows, and physical infrastructure simultaneously,” books.
Meanwhile, this was not the unit’s first strike against the complexes. In April, the strike force attacked Two Chinese nationals are accused Running a cryptocurrency scam in Burma and trying to rebuild it in Cambodia. Authorities have also restricted more than $700 million in cryptocurrencies linked to fraudulent money laundering operations.
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