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ZEC $1,240 Coinbase joins DOJ and UK agency targeting West Africa scams
The exchange participated in a four-day operation to disrupt scam networks and trace illicit cryptocurrency funds.
Key takeaways
- U.S. fraud losses accelerated. Online investment fraud cost Americans $8.65 billion in 2025, up 89 percent from $4.57 billion in 2023.
- FinCEN flagged billions. The Treasury's Financial Crimes Enforcement Network identified $12.7 billion in suspicious activity tied to digital asset investment scams.
- Regional enforcement works. Coinbase froze over $3 million in crypto linked to Southeast Asian scam networks in June.
What happened
Coinbase participated in Joint Disruption Week, a four-day operation in London from October 6 to 9 targeting West African scam networks. The exchange's Global Intelligence team traced illicit financial activity, supported efforts to freeze related assets, and passed information to law enforcement in real time.
Coinbase investigators linked blockchain transfers with evidence from fake profiles, messaging accounts, and websites to identify connections between seemingly unrelated activities. The targeted schemes included fraudulent cryptocurrency investments, criminals impersonating police officers, and staged video-call arrests designed to pressure victims into sending money.
The operation involved the U.S. Department of Justice's Scam Center Strike Force, the UK's National Crime Agency, Tech Against Scams, and African law enforcement partners. Coinbase Vice President Leah Bressack said the effort represented sustained pressure on criminal networks relocating to West Africa as authorities pursued operations in Southeast Asia.
The London event followed a September 3 agreement between U.S. and UK authorities to jointly investigate cryptocurrency investment fraud and other online scams. Under the arrangement, investigators will exchange information about organized crime groups, pursue common targets, and coordinate which jurisdiction should prosecute cases.
Why it matters
Scam networks operating from West Africa deploy social media to identify victims, messaging apps to build trust, and financial services to move stolen funds. The coordinated approach used by Coinbase and law enforcement demonstrates how sharing intelligence across industries and borders can disrupt these operations.
U.S. online investment fraud losses reached $8.65 billion in 2025, representing an 89 percent increase from $4.57 billion in 2023. The Treasury's Financial Crimes Enforcement Network flagged $12.7 billion in suspicious activity tied to digital asset investment scams, with scam proceeds typically converted into stablecoins.
Prior enforcement actions demonstrate the scale of crypto-related scams. In June, Coinbase froze over $3 million in crypto linked to Southeast Asian scam networks.
Questions readers ask
What scams were targeted during the operation?
The operation targeted fraudulent cryptocurrency investments, criminals impersonating police officers, and staged arrests conducted over video calls to pressure victims into sending money.
How much cryptocurrency has Coinbase frozen in scam investigations?
In June, Coinbase froze over $3 million in crypto linked to Southeast Asian scam networks.
What agreement did the U.S. and UK sign?
On September 3, U.S. and UK authorities signed an agreement covering joint investigations into cryptocurrency investment fraud and other online scams, with investigators exchanging information, pursuing common targets, and coordinating prosecutions.
How do scammers operate?
Scammers use social media to find potential victims, messaging services to develop trust, and financial services to move stolen funds across borders.
