Crypto▼ Bearish
US and UK Joint Enforcement Targets $10B Crypto Scam Losses
US and UK form enforcement alliance against crypto scam centers blamed for nearly $10 billion in annual losses, with parallel investigations, information sharing, and a scheduled disruption event in October.
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The United States and United Kingdom formed a first-of-its-kind enforcement alliance targeting overseas cryptocurrency scam centers, the DOJ said. The agreement, signed on September 3, joins the U.S. Attorney's Office for the District of Columbia with the Crown Prosecution Service of England and Wales and the U.K. National Crime Agency.
Participating agencies will conduct parallel investigations into shared targets, exchange information about organized crime syndicates, and determine where to bring cases of common interest. On August 27, Britain separately secured support from the Five Eyes intelligence alliance for faster information sharing and coordinated efforts to disable accounts, communications channels, and financial services used by international scam networks.
Reported internet crime losses reached $20.88 billion in 2025, including $11.37 billion associated with cryptocurrency, according to the FBI's annual internet crime findings. Investment fraud produced $8.65 billion in reported losses, while cryptocurrency investment fraud alone accounted for approximately $7.2 billion, making it the largest source of reported financial losses to Americans.
Scam centers typically use schemes often called 'pig butchering,' relying on unsolicited messages, social media, dating applications, and fake investment platforms to cultivate trust before directing victims to transfer cryptocurrency. Authorities say many compounds rely on trafficked workers held under coercive conditions. Common crypto fraud warning signs include guaranteed returns, unsolicited investment offers, copied websites, and requests for passwords or recovery phrases.