A massive international law enforcement operation, involving agencies from 40 countries, has led to the arrest of over 5,500 individuals connected to financial crimes and the seizure of more than $400 million in virtual assets and government-backed currencies.
Known as Operation HAECHI V, this five-month initiative (July to November 2024) targeted a range of cyber-enabled fraud types, including voice phishing, romance scams, online sextortion, investment fraud, illegal online gambling, business email compromise (BEC) fraud, and e-commerce fraud. The scale and coordination of the effort underscore the growing threat posed by digital fraud worldwide.
One major success of the operation was the dismantling of a voice phishing syndicate by authorities in Korea and Beijing. This group, responsible for over $1.1 billion in financial losses and victimizing more than 1,900 individuals, employed sophisticated tactics such as impersonating law enforcement officials and using counterfeit identification. The crackdown led to 27 arrests, with 19 individuals facing formal indictments. According to Toby Lewis, Global Head of Threat Analysis at Darktrace, such operations often target high volumes of victims for smaller payouts, contrasting with the larger but less frequent ransomware attacks. This scale-driven approach demonstrates the adaptability of cybercriminals in exploiting vulnerabilities for financial gain.
Operation HAECHI V also exposed emerging trends in cryptocurrency scams, notably the “USDT Token Approval Scam.” INTERPOL issued a Purple Notice warning member nations about this tactic, which involves romance baiting to lure victims into purchasing Tether stablecoins (USDT Tokens) on legitimate platforms. Scammers then share phishing links under the guise of setting up investment accounts, granting themselves full access to victims’ cryptocurrency wallets. These scams, which combine emotional manipulation with the complexity of cryptocurrency systems, highlight the evolving strategies of cybercriminals and the need for ongoing vigilance in combating digital fraud.
