Coinbase recently participated in a four-day crackdown in London targeting scam networks linked to West Africa, marking a coordinated effort alongside key law enforcement agencies from the United States and the United Kingdom.
International task force targets crypto fraud
The operation, known as Joint Disruption Week, ran from October 6 to 9 and was hosted by the UK’s National Crime Agency in partnership with the U.S. Department of Justice’s Scam Center Strike Force. Several international and African law enforcement bodies and the Tech Against Scams coalition also contributed to the effort, aiming to disrupt the growing number of crypto-based fraud schemes.
Coinbase is a leading cryptocurrency exchange based in the United States, providing trading, storage and analytics services for digital assets. Its involvement highlights the increasing role of private sector expertise in combating financial crime within the crypto industry.
During the operation, Coinbase’s Global Intelligence team traced illicit funds, assisted with freezing assets tied to criminal networks, and delivered live intelligence to authorities. Investigators linked blockchain evidence with data from fraudulent online profiles, messaging accounts, and scam websites, allowing them to detect common threads and map out sophisticated scam activity.
Coinbase leadership pointed to the success of similar anti-scam efforts in Southeast Asia, emphasizing that “coordinated action across industry and law enforcement works” and describing the initiative in London as “sustained pressure.”
The coalition targeted several types of scams, such as fake cryptocurrency investment offers and schemes where perpetrators posed as police officers. Some networks also orchestrated fake arrests over video calls to manipulate victims into transferring money.
According to Coinbase, many scammers now use social media to identify targets and messaging platforms to establish credibility before laundering stolen funds through various financial channels.
Coinbase observed a shift in criminal activity from Southeast Asia to West Africa, noting that increased law enforcement scrutiny in one region appeared to push scam networks to relocate their operations.
Mini dictionary: Tech Against Scams is a coalition of technology, industry, and advocacy groups designed to coordinate information sharing and actions against online fraud, focusing in particular on crypto-related scams.
Escalating global investment scam losses
The London event followed an agreement between U.S. and UK authorities announced in September, aimed at enhancing collaboration in fighting crypto-related fraud. Under this deal, law enforcement officials pledged to share evidence, coordinate investigations, and jointly determine prosecution strategies for overlapping cases.
The U.S. Department of Justice reported that American losses to online investment fraud soared to $8.65 billion in 2025, representing an 89% rise compared to $4.57 billion in 2023.
| Year | US Online Investment Fraud Losses |
|---|---|
| 2023 | $4.57 billion |
| 2025 | $8.65 billion |
Earlier in June, Coinbase froze more than $3 million in cryptocurrency linked to Southeast Asian scam rings. Technology giants such as Meta and Microsoft also took significant action, with Meta disabling over 1.4 million accounts, pages and groups, and Microsoft suspending around 20,000 fraudulent accounts related to these criminal operations.
In a separate action in September, U.S. authorities froze more than $52 million in crypto connected to the Xinbi Guarantee network and its vendors, who were accused of operating money laundering services and creating fraudulent investment platforms.
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) identified $12.7 billion in suspicious activity reports associated with digital asset investment scams. Officials said these funds were most frequently converted into stablecoins, predominantly USDT.
FinCEN clarified, however, that the $12.7 billion total includes both completed and attempted transactions, and some reports may be duplicated across institutions.
Ongoing investigations and next steps
Coinbase confirmed that investigations from the London operation are ongoing, and stated its intention to keep working with Tech Against Scams and international law enforcement partners to stop emerging scam networks wherever they appear next.
Authorities said that sustained, cross-border cooperation is essential for tackling the fast-moving and global nature of cryptocurrency fraud schemes targeting both novice and experienced investors around the world.
