Cyber Criminal Nabbed in Mega Crypto Swindle
A New Zealand man from Wellington was apprehended in Auckland as part of a global inquiry targeting a massive crypto scam. The alleged scheme swindled about $265 million (NZD$450 million) from seven victims, according to investigators.
The Financial Crime Group in New Zealand made the arrest as part of an FBI-led inquiry. Authorities claim the cryptocurrency heist occurred between March adn August 2024, employing deceptive tactics to manipulate victims. The ill-gotten gains were allegedly laundered through various crypto platforms.
Over the past three days, authorities executed search warrants in Auckland, Wellington, and California. These operations netted a total of 13 suspects. The New Zealand man faces racketeering charges, along wiht conspiracy to commit wire fraud and money laundering, as stated by the U.S. Department of Justice.
Prosecutors allege the criminals spent the stolen crypto on luxurious items. This included exotic cars, high-end handbags, watches, and lavish nightlife. Some estimates suggest they spent up to $500,000 per evening on nightclub outings.
Following his court appearance, the suspect was granted bail and provided interim name suppression.He is set to appear in court again on July 3. The U.S.Department of Justice revealed that 12 more individuals face charges for their involvement in the conspiracy.
The alleged criminal ring operated from October 2023 until March 2025 and reportedly amassed a collection of 28 exotic vehicles, with values ranging from $100,000 to $3.8 million.
