UAE-led coalition uncovers $39 billion in crypto fraud, 960 arrested

A UAE-led international coalition ran a three-month operation that identified over $39 billion in fraud-linked assets and led to nearly 100 arrests and raids on 29 fraud centers. Thirty countries and 13 private sector partners, including Huawei, Mastercard and Meta, took part. The scale of the crypto-linked fraud is a reminder of persistent illicit activity in the sector, which could weigh on sentiment even as enforcement shows coordination improving.