FBI Arrests 26 Israelis for Involvement with Crypto Fraud Scheme ByAli RazaPRO INVESTOR Updated: 10 October 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Join Our Telegram channel to stay up to date on breaking news coverage The Federal Bureau of Investigations (FBI) has arrested 26 individuals for their alleged involvement with cryptocurrency fraud schemes. The FBI teamed up with the Israeli police to detain these individuals in an operation in Tel Aviv. Fraud Scheme involved Millions of Dollars A local publication stated that the FBI teamed with the fraud unit of the Tel Aviv police. The team investigated the suspects believed to scam victims tens of millions worth of shekels. Following the operation, the two organizations arrested 26 individuals who laundered money linked to digital forex trading. The Tel Aviv unit stated that it received an alert from US authorities about some Israelis tricking people into investing in a fraudulent cryptocurrency scheme. However, instead of these individuals offering the promised services, they defrauded the individuals out of millions of dollars. Buy Crypto Now The report adds that the 26 individuals were arrested in an overnight operation where digital storage devices and computers were recovered as part of the evidence. The arrested individuals are also residents of central Israel, while the victims of this scheme are Americans. Nevertheless, the investigators did not reveal the names of the individuals or the companies for which they were working. Two of the suspects, who are males in their late thirties, are expected to appear at the Tel Aviv Magistrates Court this week. The report further noted that other similar operations involving crypto fraud were taking place in other countries globally. Crypto Fraud Schemes on the Rise This year has been filled with many headlines regarding schemes involving digital assets. One of the schemes that made headlines this year was the Thodex scheme that where around 400,000 users of the Turkish exchange lost their money after withdrawals failed. The exchange’s CEO was also reported to have left the country with around $2 billion worth of digital currencies belonging to the investors. Investigations into the Thodex exchange led to the arrest of 62 individuals believed to be involved in the scam. Six of these individuals were details, including the siblings of the exchange’s CEO. However, the whereabouts of the CEO remains unknown. China has also been involved in operations to detail those suspected of cryptocurrency fraud. In June, Chinese authorities arrested 1100 people suspected of using digital assets for money laundering and avoiding detection by law enforcement agencies. This operation led to the closure of 170 criminal gangs who were involved in illegal activities using digital currencies. Looking to buy or trade Crypto now? Invest at eToro! Buy Crypto Now 67% of retail investor accounts lose money when trading CFDs with this provider Read more: How to buy ripple How to buy cryptocurrency Join Our Telegram channel to stay up to date on breaking news coverage