Pakistan Authorities Dismantle $60M Crypto Fraud Network Amid Regulatory Push

Pakistani cybercrime investigators have dismantled an international cryptocurrency fraud network accused of stealing $60 million through fake investment platforms. The National Cyber Crime Investigation Agency (NCCIA) led the operation targeting a group that allegedly used social media to lure victims with promises of high returns, then blocked accounts after receiving large deposits.

The bust coincides with Pakistan's establishment of the VIRTUAL Assets Regulatory Authority (PVARA), marking a strategic shift toward formal crypto oversight. Authorities noted proceeds were laundered through multiple bank accounts before being converted to digital assets and moved across borders—a pattern highlighting the need for coordinated global regulation.

This enforcement action signals Islamabad's crackdown on unlicensed crypto operations as it prepares to implement a licensing framework for virtual asset service providers. The move follows growing international pressure to combat cross-border financial crimes exploiting cryptocurrency's pseudonymous features.