A man from Wellington, New Zealand, has been arrested in connection with a $265 million cryptocurrency scam following an FBI-led investigation. Authorities suspect that between March and August 2024, the criminal group manipulated victims to fraudulently obtain cryptocurrency, which was then laundered through multiple platforms.
The investigation led to search warrants being executed in Auckland, Wellington, and California, resulting in multiple arrests. A total of 13 individuals now face charges, including racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering. 
Prosecutors allege that the stolen funds were used to purchase luxury cars, designer handbags, watches, and high-end rental properties in Los Angeles, Miami, and the Hamptons. The Wellington man appeared in Auckland District Court, where he was granted bail with interim name suppression and is scheduled to reappear on July 3, 2025.
Authorities emphasize the importance of international cooperation in tackling cybercrime, as cryptocurrency-related fraud continues to rise. The investigation remains ongoing.
