Pakistani Police Uncover $60 Million Cryptocurrency Scam

2 mins mins

Key Points:

Karachi raid busts $60 million crypto scam
34 arrested, including 15 foreigners
Scam involved fake trading platforms

Police in Karachi dismantled an international scam network, arresting 34 individuals involved in a $60 million cryptocurrency fraud, utilizing social media to deceive global investors.

This scam highlights the vulnerabilities in online investment channels, prompting calls for enhanced cybersecurity measures and regulatory oversight within the cryptocurrency sector.

$60 Million Crypto Scam Unfolds in Karachi

Pakistani authorities have dismantled an extensive online fraud operation, known as the “International Scam Group”, responsible for misappropriating an estimated $60 million from both domestic and international victims. The operation took place on December 27 in Karachi, resulting in the arrest of 34 individuals, including 15 foreigners from unnamed countries and 19 Pakistanis, as announced by Sindh Province’s Home Minister Raja. The suspects reportedly used social media and messaging platforms for long-term scam activities leading to the arrests.

Police seized over 10,000 international SIM cards, computers, and communication devices during the raid. Financial transactions indicate the use of overseas bank accounts with connections to cryptocurrencies. Victims were lured into investing by showcasing forged profit data on fake trading platforms. These funds later required additional payments, post which the scam group ceased communication.

The National Cyber Crime Investigation Agency (NCCIA) reported the multi-country nature of the investigation, leading to judicial detention of 22 suspects. This highlights international and government cooperation in addressing cryptocurrency fraud, although no reactions from crypto industry leaders or the victims have been recorded.

Record Bitcoin Prices Amid Rising Crypto Frauds

Did you know? International scams involving cryptocurrencies have been part of larger concerns globally, often prompting regulatory bodies to enhance digital finance laws.

According to CoinMarketCap, Bitcoin (BTC) stands at $87,145.81, with a market cap of $1.74 trillion, wielding a 59.14% market dominance as of December 26, 2025. The 24-hour trading volume surged 117.77% to $41.66 billion. Recent movements show a slight decline of 0.98% in the past 24 hours.

bitcoin-daily-chart-5308 — Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 17:36 UTC on December 26, 2025. *Source: CoinMarketCap*

Coincu research emphasizes the need for enhanced regulatory measures to curb the financial impact of increasing cryptocurrency scams. “Sophisticated scams such as this emphasize the evolving financial landscape’s challenges,” demanding proactive technological and regulatory approaches to safeguard digital investments.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.