Interpol Seizes $97 Million Worth of Crypto in Huge Multinational Crackdown

Interpol has seized a total of $439 million in criminal proceeds in a coordinated action spanning 40 jurisdictions, with its seizure including $97 million in cryptocurrencies and physical assets.

Operation HAECHI VI, which was underway from April through August, focused on seven varieties of cybercrime, including investment fraud, money laundering, phishing, romance scams and e-commerce fraud.

Law enforcement agencies blocked more than 68,000 bank accounts and froze nearly 400 cryptocurrency wallets as part of their coordinated operation, recovering $16 million from the digital asset wallets they seized.

Among the particular crimes targeted by Interpol is a large-scale fraud in Portugal, where 45 suspects have been arrested on suspicion of misappropriating social security payments for vulnerable families, stealing a total of $270,000 from 531 victims.

Other countries participating in HAECHI VI, which was financially supported by South Korea, include Australia, Brazil, Canada, China, Germany, India, Ireland, Japan, South Africa, the United Kingdom and the United States.

Interpol’s Theos Badege said in a press release that the latest HAECHI operation is evidence that recovery of stolen funds is possible.

“As one of INTERPOL’s flagship financial crime operations, HAECHI is a prime example of how global cooperation can protect communities and safeguard financial systems,” he said. “We encourage more member countries to join us in this collective effort, so that meaningful difference can be made in the fight against cyber-enabled crime.”

Interpol’s latest operations come as the organization ramps up its policing of cybercrime, which usually involves cryptocurrencies to varying degrees.

For example, August saw African and British authorities retrieve $97.4 million and arrest just over 1,200 cybercriminals, who had targeted close to 88,000 victims and stolen $485 million across 19 countries. African agencies were also involved in an operation that arrested 306 suspects in March, with suspects converting their “proceeds to digital assets to conceal their tracks.”

Experts agree that there has been an increase in coordinated efforts to combat crypto-related cybercrime, particularly as such crime becomes more international in scope.

“The reality is that no single agency or jurisdiction can take on this challenge alone. Each global law enforcement agency only has so many experts, tools, and training—and the nature of crypto is inherently cross-border,” TRM Labs Global Head of Policy Ari Redbord told Decrypt.

Redbord describes Operation HAECHI VI as part of “a broader trend toward deeper cooperation” between nations and sectors.

“At TRM, we see this every day through our Beacon Network, which connects law enforcement and the private sector in real time to share leads and accelerate investigations,” he added.

According to Phil Larratt, the Director of Investigations at Chainalysis, greater international cooperation among police agencies is in part a response to how crypto is enabling criminals to move money across borders more quickly.

“Recent cases show how joint action can deliver real results,” he told Decrypt. “Operation Destabilise, led by the UK’s National Crime Agency with partners in France and the United States, dismantled a major Russian money laundering network.”

Announced in December of last year, Operation Destabilise resulted in 84 arrests and the seizure of roughly $25.5 million in cryptocurrency, something which would not have been possible without cross-border cooperation.

“These outcomes are only possible when governments, regulators and private companies share intelligence and act together,” Larratt added.

And it seems that such organizations will need to work together with increasing frequency in the future, given how distributed criminal networks have become.

“Criminal networks have become increasingly sophisticated in moving funds across borders, using chains of shell companies, nested exchanges, and new payment technologies to obscure flows,” said Redbord. “That’s why we’re seeing such urgency around international cooperation and capacity-building.”

Larratt points out that illicit crypto flows were worth some $40.9 billion last year, an indication of how “attractive” digital assets have become to criminals, who he says are quick to adopt new technology.

“Investigators worldwide must have the right tools, training and data to keep pace,” he concluded. “Only then can we disrupt illicit networks and reduce and even prevent the harm they cause.”