The FBI announced the results of an international operation called Blackout, aimed at dismantling a transnational network of cryptocurrency fraud.

Operation results

• During the operation, law enforcement seized $15 billion in various cryptocurrencies across multiple jurisdictions, the FBI reported on the investigation's outcomes.
• Authorities dismantled dozens of fraudulent call centers and related facilities used to orchestrate scams, according to details provided by the FBI.
• Investigators arrested hundreds of suspects believed to be involved in the network, the FBI said, without specifying all jurisdictions involved.
• The operation freed thousands of victims of forced labor exploited by the network, the FBI stated as part of its report.
• Authorities closed more than 500 fraudulent investment websites linked to the scheme, disrupting the online infrastructure used to solicit funds.
• Law enforcement blocked millions of fraudulent accounts across platforms, aiming to cut communications channels between perpetrators and defrauded individuals.
• The FBI warned more than 10,000 U.S. residents before they transferred funds, reportedly preventing losses exceeding $500 million as a result.

Funds and suspects

Most of the seized assets consist of 127 271 BTC, an amount the FBI estimates at about $8 billion, authorities reported.

U.S. authorities associate those bitcoins with Prince Group and its founder Chen Zhi, who is accused of organizing the fraud centers.

The operation involved cooperation with foreign law enforcement agencies, reflecting an international effort to trace and recover illicit proceeds across jurisdictions.

Investigations and asset-recovery efforts continue as authorities analyze seized holdings and pursue further arrests and legal proceedings across partner countries.