Within a week of the start of 2025, police authorities in various jurisdictions have independently arrested fraudsters carrying out various cryptocurrency-related schemes, targeting hundreds of potential victims.
On January 5, Vietnamese police arrested four people involved in a cryptocurrency mining scam that stole 4 billion Vietnamese dong ($157,300) from more than 200 victims, according to VnExpress newspaper.
The suspects, led by Tran Minh Quang, are said to have developed a fraudulent cryptocurrency mining website called BitMiner, registered on a Singapore domain. The group advertised itself as a Dubai-based cryptocurrency mining company and offered unrealistic returns on investments.
Tran Minh Quang (left) was arrested on suspicion of cryptocurrency mining fraud. Source: VnExpress
According to the report, victims were sold questionable cryptocurrency mining packages and related educational materials.
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The Springfield, Massachusetts, US police department recently warned citizens about an increase in scams involving Bitcoin (BTC) and other cryptocurrencies. The alert pointed to cryptocurrency ATM scams, noting that scammers use a variety of techniques.
“There are many variations of the scam, but in particular, it involves connecting people to a cryptocurrency machine and enticing them to deposit and transfer money to the scammer. “If you receive a call from someone asking for payment in cryptocurrency or Bitcoin, hang up.”
The Springfield Police Department has issued a fraud alert for cryptocurrency ATMs. Source: Springfield PD
In addition to cryptocurrency fraud, authorities are actively cracking down on deepfakes and related AI-related crimes.
On January 5, Hong Kong police arrested a group of 31 con artists (mainly college students) who used AI deepfakes to scam victims in multiple countries and steal 34 million Hong Kong dollars ($4.37 million).
According to a report by Radio and Television Hong Kong (RTHK), the syndicate has been operating for over a year and its victims are mainly from outside Hong Kong, including Taiwan, Singapore, Malaysia and the United States.
AI-generated deepfake images used by Hong Kong scammers. Source: RTHK
A translated version of the statement from Commercial Crime Department Director Fung Pui-kei is below:
“They (scammers) use new technologies such as AI face swap technology to masquerade as good-looking ladies and gentlemen to lure potential victims, gain their trust, and develop romantic relationships into romantic relationships. Romance scams.”
Hong Kong authorities raided two locations and seized HK$10 million worth of cash, handbags and luxury watches.
Five criminals were charged with conspiracy to defraud, but the rest were released on bail.
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