Crypto Scams on the Rise: Authorities Crack Down
As we begin 2025, it’s clear that cryptocurrency-related scams are on the rise. Law enforcement agencies from various jurisdictions have been working tirelessly to apprehend those involved in these schemes, targeting hundreds of potential victims.
Vietnamese Police Nab Crypto Mining Scammers
On January 5th, Vietnamese police arrested four individuals involved in a cryptocurrency mining scam that stole an estimated 4 billion Vietnamese dong ($157,300) from over 200 victims. According to the newspaper VnExpress, the suspects were led by Tran Minh Quang and allegedly developed a fraudulent crypto-mining website called BitMiner, with a Singapore domain.
Dubious Crypto-Mining Packages
The group advertised itself as a Dubai-based crypto-mining company and offered unrealistic investment returns. The victims were sold dubious crypto-mining packages and related educational materials. This scam highlights the importance of due diligence when investing in cryptocurrency-related projects.
Springfield Police Department Issues Warning
In the United States, the police department of Springfield, Massachusetts, recently alerted citizens against an uptick in Bitcoin (BTC) and other cryptocurrency-related scams. While noting that scammers use a variety of techniques, the warning singled out crypto ATM scams:
Be Aware of Crypto ATM Scams
"The scams have many different variations, but one in particular directs a person to a cryptocurrency machine to insert and send money to the scammer. If you receive a phone call with someone demanding a payment in cryptocurrency or Bitcoin, please hang up."
Hong Kong Authorities Crack Down on AI-Related Crimes
In addition to crypto scams, authorities are also actively cracking down on artificial intelligence-related crimes involving deepfakes. On January 5th, Hong Kong police arrested a group of 31 scammers — mostly university students — who defrauded victims from different countries and stole an estimated 34 million Hong Kong dollars ($4.37 million) using AI deepfakes.
Deepfake Images Used by Scammers
According to a Radio Television Hong Kong (RTHK) report, the syndicate had been operating for more than a year, targeting victims mainly from outside of Hong Kong, including Taiwan, Singapore, Malaysia, and the United States. A translated version of a statement from Fung Pui-kei, superintendent of the Commercial Crime Bureau, read:
Use of AI Technology in Scams
"They (scammers) also make use of the new technology, like AI face-swapping technology, to [pretend] to be some good-looking ladies and gentlemen to induce potential victims, gain their trust and develop into romance relationships in order to commence the romance scams."
Authorities Raid Locations and Seize Assets
Hong Kong authorities raided two locations and seized 10 million Hong Kong dollars worth of cash, handbags, and luxury watches. While five criminals were charged with conspiracy to defraud, others were released on bail.
Magazine: How Crypto Laws Are Changing Across the World in 2025
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