New Zealand police arrested a man suspected of involvement in a $265 million encryption fraud case.

WuSaidBlockchainW · 2025-05-17T08:30:03+00:00

New Zealand police have arrested a man suspected of involvement in an international Crypto Assets fraud case, amounting to as much as $265 million. The criminal gang defrauded victims of their Crypto Assets by controlling them and laundered the money to purchase luxury cars, luxury goods, and real estate. Thirteen people have been charged, and the man faces charges from the U.S. Department of Justice, including extortion, telecom fraud, and conspiracy to Money Laundering.

WuSaidBlockchainW

2025-05-17 08:30:03

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Wu said that the New Zealand police have arrested a Wellington man suspected of participating in an international cryptocurrency fraud case involving up to $265 million. The case is being investigated by the FBI, which claims that the criminal gang defrauded seven victims of cryptocurrency from March to August 2024 and laundered the funds through multiple platforms. The money was used to purchase luxury cars worth $9 million, luxury goods, and lease mansions in places like Los Angeles. In the past three days, New Zealand and California have conducted multiple searches, and 13 people have been charged, including the only New Zealand suspect in this case. The man is facing charges from the U.S. Department of Justice, including extortion (RICO), telecommunications fraud, and conspiracy to commit money laundering.

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