Clarity Act Uncertainty Keeps DeFi’s Bigger Market Bet on Hold
The CLARITY Act could expand DeFi into tokenized equity and bond markets, but Senate uncertainty is keeping institutional capital on the sidelines.…
China confirmed its involvement in the operation that resulted in the arrest of 276 suspects and the closure of nine crime-focused facilities. The initiative might mark a new era of…
LegalPublished:May 17, 2026, 11:30 PMChina Confirms Participation in ‘First of Its Kind’ Anti-Pig Butchering Operation
China confirmed its involvement in the operation that resulted in the arrest of 276 suspects and the closure of nine crime-focused facilities. The initiative might mark a new era of international cooperation to tackle and end pig-butchering scams.
WRITTEN BY
Sergio GoschenkoSHAREPublished: May 17, 2026, 11:30 PM
While criminals are leveraging cryptocurrency and digital means to advance their illicit activities, international cooperation is also advancing to tackle these new challenges.
Xinhua, the official news agency of the Chinese state, confirmed that a coalition formed by the U.S., the UAE, and China conducted an international operation targeting online romance scams, commonly known as pig butchering schemes.

The operation, which took place in Dubai, dismantled nine centers dedicated to these activities en masse, targeting victims online by first gaining their trust, luring them into romantic relationships, and then asking them to invest in alleged high-return cryptocurrency schemes, stealing their funds in the process and disappearing shortly after.
An official of the Chinese Ministry of Public Security qualified China’s collaboration as “a major achievement in Chinese police efforts to advance international law enforcement cooperation,” hinting at upcoming collaborations to achieve the same end.
During the raids, 276 suspects who operated in these dens were arrested.
“Chinese police will continue to deepen pragmatic cooperation with more countries, carry out joint crackdowns, thoroughly dismantle telecom fraud dens, and make every effort to apprehend suspects involved in such crimes to effectively safeguard the legitimate rights and interests of people in all countries,” an official from the Chinese Ministry of Public Security declared.
Pig-butchering scams have become a major pain point for global law enforcement agencies, with over $75 billion in losses registered since 2020. The networks around this crime also commit human trafficking crimes, luring future scammers to Asian countries like Cambodia and Myanmar, only to be forced to conduct these scams under threat of torture.
In America, pig butchering scams have netted nearly $6 billion in 2024 alone, highlighting the magnitude of the problem. The Federal Bureau of Investigation (FBI) calls these crimes cryptocurrency investment frauds and launched Operation Level Up in 2024 to “identify victims of cryptocurrency investment fraud and notify them of the scam,” contacting 8,103 victims and helping them avoid collective losses of over $500 million.

At least 276 people were arrested in a global cryptocurrency scam crackdown that dismantled nine alleged fraud centers targeting Americans.…
At least 276 people were arrested in a global cryptocurrency scam crackdown that dismantled nine alleged fraud centers targeting Americans.…
At least 276 people were arrested in a global cryptocurrency scam crackdown that dismantled nine alleged fraud centers targeting Americans.…
Tags in this storyCryptocurrencyFraud
The CLARITY Act could expand DeFi into tokenized equity and bond markets, but Senate uncertainty is keeping institutional capital on the sidelines.…
The OCC issued preliminary conditional approval on August 14, 2026, for World Liberty Trust Company, National Association, to charter as a national…
This comes after a continuous few weeks of selling its stash.
USDT and USDC contracts move from the next period, while returning to four-hour settlement requires 36 stable hours. The post KuCoin’s new…