As we step into the new year, 2025 has already seen its share of illicit activities targeting hundreds of potential victims. The relentless efforts of law enforcement agencies across various jurisdictions have led to the apprehension of individuals involved in cryptocurrency-related scams.
Vietnamese Police Bust Crypto-Mining Scam
On January 5, 2025, Vietnamese authorities arrested four suspects allegedly involved in a cryptocurrency mining scam that swindled over 200 victims out of an astonishing 4 billion Vietnamese dong (approximately $157,300). The scammers were led by Tran Minh Quang and had set up a dubious crypto-mining website called BitMiner with a Singapore domain. According to the report, the group advertised itself as a Dubai-based crypto-mining company and promised unrealistic investment returns.
The victims were sold suspicious crypto-mining packages and related educational materials. It’s essential for individuals to exercise caution when dealing with such investments and be aware of the potential risks involved.
Related: Vietnamese Police Foil $1M Crypto Scam, Protect 300 Potential Victims
Meanwhile, in the United States, the police department of Springfield, Massachusetts, has issued a warning regarding an uptick in Bitcoin (BTC) and other cryptocurrency-related scams. The warning highlighted the dangers of crypto ATM scams, where scammers use various techniques to deceive victims.
The warning noted that one particular scam involves directing individuals to a cryptocurrency machine to insert and send money to the scammer. If you receive a phone call with someone demanding payment in cryptocurrency or Bitcoin, please hang up. Be cautious of such scams and avoid sharing sensitive information or sending funds without verifying the authenticity of the request.
Springfield Police Department Issues Scam Warning on Crypto ATMs
In addition to crypto scams, authorities are also actively cracking down on artificial intelligence-related crimes involving deepfakes. On January 5, Hong Kong police arrested a group of 31 scammers, mostly university students, who defrauded victims from various countries and stole an estimated 34 million Hong Kong dollars (approximately $4.37 million) using AI-generated deepfakes.
Hong Kong Police Crack Down on Deepfake-Related Scams
According to a report by Radio Television Hong Kong (RTHK), the syndicate had been operating for more than a year, primarily targeting individuals from outside of Hong Kong, including Taiwan, Singapore, Malaysia, and the United States. The scammers used AI face-swapping technology to create convincing deepfakes, pretending to be attractive individuals to induce potential victims, gain their trust, and develop into romance relationships.
Fung Pui-kei, superintendent of the Commercial Crime Bureau, stated that the scammers made use of new technologies, like AI face-swapping technology, to deceive victims. The Hong Kong authorities raided two locations and seized 10 million Hong Kong dollars worth of cash, handbags, and luxury watches.
Hong Kong Authorities Raid Scam Locations, Seize Assets
While five criminals were charged with conspiracy to defraud, others were released on bail. This incident highlights the importance of being aware of deepfake-related scams and taking necessary precautions to avoid falling victim to such deceitful activities.
Magazine: How Crypto Laws Are Changing Across the World in 2025
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