Huge Interpol operation exposes how prolific crypto scams really are

Over 4,000 people were arrested worldwide in a recent sting operation, but we're still barely scratching the surface when it comes to the problem of crypto scams.

Interpol says it's waging war on online scam networks and has seized $257 million in assets during a major sting spanning 61 countries.

Operation First Light led to 6,745 bank accounts being frozen, with more than $2 million in cryptocurrencies confiscated.

Interpol's efforts are truly extraordinary, with 3,950 people arrested and another 14,643 identified as potential suspects.

From phishing attempts to romance scams, and from investment fraud to fake shopping sites, the scope of the criminal activity uncovered was equally wide-ranging.

Interpol says these results were achieved through its Global Rapid Intervention of Payments mechanism, otherwise known as I-GRIP for short, which monitors the flow of illicit funds.

Rapid advancements in blockchain analytics over recent years would have proven especially advantageous to investigators.

"The results of this global police operation are more than just numbers - they represent lives protected, crimes prevented, and a healthier global economy worldwide. By confiscating such large amounts of money and disrupting the networks behind them, we not only safeguard our communities but also deal a significant blow to the transnational organized crime groups that pose such a serious threat to global security."
Dr Isaac Kehinde Oginni, Interpol

However, other Interpol officials stress that their work is far from over, with one official warning that "the world is grappling with the severe challenges of social engineering fraud."