US-based crypto exchange Coinbase has frozen more than $3 million (roughly Rs. 28.74 crore) in crypto assets tied to a global operation targeting cyber-enabled crypto scam networks in Southeast Asia. The operation also involved Meta, Microsoft, and Starlink, who worked together to take down infrastructure linked to scam networks and servers, and also disrupt criminal activity, which led to several arrests by the Royal Thai Police Anti-Cyber Scam Centre. After this move, over 1.4 million accounts were disabled, 63 arrests were made, thousands of Starlink kits were terminated, and millions of illegal crypto assets were frozen.
Coalition Action Leads to Arrests, Account Suspensions and Frozen Assets
The FBI, the US Secret Service and law enforcement partners in the UK, Australia, Canada, New Zealand and Thailand were other members of the coalition. The DOJ said that investment fraud and pig butchering are the fastest-growing and most financially devastating forms of fraud targeting Americans.
In a statement released by Coinbase, the exchange stated, “We know crypto sometimes gets an unfair reputation when it comes to illicit finance. The reality is the opposite. Blockchain technology gives law enforcement something traditional financial systems often can’t: a transparent, immutable and permanent record of every transaction.”
As per a press release issued by the FBI in April, losses from crypto and AI-related scams incurred by Americans in 2025 exceeded $11 billion (roughly Rs. 1,05,391 crore), with investment scams causing the most damage.
Earlier this year, the US DOJ had taken a significant step to target such scam rings, as they arrested 276 individuals shut down at least nine crypto scam centres. It was an operation led by the FBI, China’s Ministry of Public Security, and Dubai authorities.
In this disciplinary action, six people are charged in connection with the scam centres. Four of the defendants and two fugitive co-conspirators were charged with federal fraud and money laundering in federal court in San Diego, as per the DOJ. Each charge carries a potential 20-year prison sentence and severe penalties if convicted.
This operation showcases the growing level of coordination between crypto firms, tech companies, and regulators in tackling cyber-enabled financial scams. The latest action by Coinbase is a reflection of the broader efforts to strengthen safety around digital assets while keeping in mind the increase in cryptocurrency-related fraud.
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