Interpol has declared cryptocurrency fraud a significant global criminal challenge. This came from a recent resolution made at their General Assembly, targeting the rise of international scam operations tied to serious crimes like human trafficking and drug smuggling.

These criminals often entice victims with the promise of well-paying jobs abroad, only to coerce them into working under deplorable conditions where they are forced to partake in scams such as voice phishing, romance scams, and cryptocurrency-related fraud.

Not every individual in these centers is trafficked, but many are subject to dire circumstances, including physical abuse, torture, and sexual exploitation.

Global Response

The resolution arrives as criminal networks increasingly utilize advanced technologies to mislead victims and hide their illicit activities. To combat this, Interpol has outlined an action plan to bolster international law enforcement strategies, featuring real-time data sharing, multinational operations, and measures to disrupt the funding and circulation of funds linked to these scams.

Interpol Secretary General Valdecy Urquiza stated:

“To effectively counter these criminal networks, we must strengthen collaboration, improve information sharing, and move forward with coordinated, decisive action. INTERPOL is committed to supporting the resolution’s implementation and working with member countries to break these operations apart and protect the people who are most at risk.”

The resolution also emphasizes the need for global awareness initiatives aimed at vulnerable populations, especially young job seekers. The threat of such scams has surged, impacting individuals from over 60 nations, with these criminal activities increasingly intersecting with drug and wildlife trafficking.

In 2024, Interpol spearheaded a significant operation against trafficking-related fraud, resulting in over 2,500 arrests across 116 countries. Initially warning of the rise of scam operations in 2022, Interpol classified trafficking-driven fraud as a pressing public safety concern in 2023.

Notable Targets

As part of its ongoing efforts, Interpol is pursuing numerous high-profile figures involved in alleged crypto crimes worldwide. For instance, in 2022, the organization issued a Red Notice for Do Kwon, co-founder of Terraform Labs, amid the fallout from the Terra ecosystem’s collapse. Most recently, they have spotlighted crypto promoter Wong Ching-kit and Richard Schueler, known as Richard Heart, for their respective connections to scams and tax fraud.

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