A global operation conducted by the International Criminal Police Organization (Interpol) has successfully frozen thousands of bank accounts and seized hundreds of millions of dollars in targeted actions against organized crime networks that use digital assets. According to an Interpol release, Operation First Light froze 6,745 bank accounts and seized $257 million, with at least $2 million in cryptocurrencies.
Interpol operation targets over 19,000 suspects across several continents
Interpol targeted scam networks, arrested 3,950 suspects and identified 14,643 other potential suspects across all continents. The sheer size of the operation reflects how widespread these scam networks are and how they keep proceeds in fiat and cryptocurrencies. The announcement encourages the public to be cautious while conducting transactions online, especially when there is a need to register on a crypto exchange or deposit with cryptocurrency at an online crypto casino. Users can help protect themselves in a few ways, including using reputable sites. For example, Kane Pepi suggests would-be casino players should look for a site that offers games from well-known providers and developers, as well as those that are licensed in Panama, Curacao or other trusted gambling licensing locations.
Dr Isaac Kehinde Oginni, Director of Interpol’s Financial Crime and Anti-Corruption Centre (IFCACC) said about the recent operation: “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.”
The operation dismantled several kinds of scam networks, including phishing attempts, romance scams, fake shopping sites and investment fraud. Interpol noted that it achieved results via its Global Rapid Intervention of Payments mechanism (I-GRIP), which it uses to monitor illicit funds.
The report mentioned a few countries where it dismantled these networks in collaboration with local law enforcement. Several hundred thousand dollars and multiple suspects were identified in Singapore, Hong Kong, Malaysia and many others. Reportedly, Interpol has been running First Light in phases since 2014. The recently concluded phase began in 2023 and led to a final tactical stage from March to May this year.
Interpol earlier concluded identical operation
Last December, Interpol said it concluded a similar operation that began in July. The Interpol announcement claimed Operation HAECHI IV targeted several categories of online scams, including business email compromise fraud, e-commerce fraud, voice phishing, online sextortion, romance scams, investment fraud and online gambling. While online casinos and crypto gambling platforms are growing in popularity, particularly through the use of using digital assets, some scammers use them to take advantage of unsuspecting users.
According to Kim Dong Kwon, Interpol’s head of the national central bureau in Korea, the organization published two Purple Notices, a tool used to provide or seek information about criminal methods.
One of the Purple Notices was sent to a few countries about scams that involve the sale of non-fungible tokens (NFTs), advertised with significant returns. Unfortunately, these schemes are crypto rug pulls, which are not uncommon in the crypto industry. Rug pulls typically involve developers suddenly abandoning their projects and withdrawing all funds from the treasury or liquidity pool. The value of the tokens then crashes, leaving holders with worthless assets.
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