INTERPOL’s Operation HAECHI VI: Global action against crypto crime

INTERPOL’s operation HAECHI VI results in the recovery of $342 million in government-backed currencies and $97 million in physical and virtual assets.

INTERPOL’s latest Operation HAECHI VI has reinforced its leading role in tackling crypto crime worldwide. Through cross-border investigations, authorities have arrested thousands of suspects, seized virtual assets worth hundreds of millions and issued warnings about emerging fraud trends. By targeting stablecoin-linked scams and blocking access to criminal networks, INTERPOL continues to demonstrate the power of international cooperation in policing digital assets.

Background

Last year, we discussed how INTERPOL devised a “global stop-payment mechanism”, which enabled it to recover the largest-ever amount of funds ($42.3 million) following a business email compromise scam. In addition, seven individuals were arrested.

We noted that this development reinforced INTERPOL’s reputation for assisting in the investigation of large-scale fraud globally.  This has included intercepting hundreds of millions of dollars, including through action against various cryptocurrency scams.

INTERPOL’s ongoing Operation HAECHI VI has produced even more impressive results.  As part of this operation, INTERPOL issued a Purple Notice to warn countries about emerging cryptoasset fraud.

In February 2025, we wrote an article about how INTERPOL had issued a Purple Notice and announced the seizure of $400 million in virtual assets, along with the arrest of over 5,500 suspects.

We now turn to the latest developments in Operation HAECHI VI.

INTERPOL’s Operation HAECHI VI

Operation HAECHI VI is the latest phase in INTERPOL’s ongoing HAECHI initiative, following last year’s Operation HAECHI V.

Operation HAECHI is an international initiative targeting multiple types of cyber fraud, often involving cryptoassets and related schemes.

This operation involved INTERPOL issuing a Purple Notice. For more information about INTERPOL’s Purple Notice, please see our previous blog:

What is an INTERPOL Purple Notice?

INTERPOL issued the Purple Notice to warn countries about emerging cryptocurrency fraud involving stablecoins.

In a further development, investigators have now blocked over 68,000 associated bank accounts and frozen nearly 400 cryptocurrency wallets. In addition, around $16 million in suspected illicit profits was recovered from cryptocurrency wallets.

INTERPOL and cryptoassets

We have previously written about INTERPOL’s specialist team developed to coordinate action globally against crime involving digital assets.

There have been increasing reports of countries using INTERPOL to pursue individuals alleged to have been involved in criminal activities involving cryptoassets.

Indeed, INTERPOL has recently been more active in seizing online digital wallets and exchanges, including the exchange known as Cryptonator, for allegedly receiving the proceeds of crime.

Suitability of INTERPOL

There is no doubt that crypto-related crime presents unique challenges to authorities, as the decentralised nature of cryptoassets and the gap between them and more conventional financial institutions creates significant hurdles to international policing.

The UK continues to pass legislation enabling authorities to investigate and seize assets suspected of being used in criminal activities relating to crypto (please see our other blogs on crypto regulation).

Other INTERPOL members, however, may not be as quick to establish a regulatory framework, making international cooperation even more challenging.

It remains the case that given the decentralised and borderless nature of some cryptoasset transactions, an organisation with global reach like INTERPOL is very suitable for coordinating the steps required to assist in both pursuing the individuals alleged to have committed criminal offences involving crypto, and tracing any associated proceeds of crime.

As always, it is important to ensure that INTERPOL is always used in compliance with all the applicable rules and regulations.

International dimension of offences involving crypto

Using INTERPOL to pursue allegations involving cryptoassets is not unheard of. Following earlier reports that South Korea had asked INTERPOL to issue a Red Notice for developer Do Kwon, the founder of the failed crypto currency Terra, Gherson’s criminal litigation, investigations and regulatory team wrote a blog titled “Can INTERPOL issue a Red Notice in relation to allegations involving crypto?”.

INTERPOL was also involved in attempting to locate Ignatova Bajatova, who was involved in the OneCoin scandal.

As well as being at risk of INTERPOL measures, such as Red Notices, those who fear that allegations involving crypto have been made against them could also be at risk of extradition.

As was discussed in a previous blog entitled “Can I be extradited for allegations involving crypto?” and “Another US crypto extradition”, due to the borderless nature of crypto transactions, any allegation of criminality will inevitably involve multiple jurisdictions. As such, there may be numerous jurisdictions claiming authority and trying to extradite an alleged perpetrator to their jurisdiction to face justice. Indeed, there have now been two examples of individuals being extradited to the US in relation to allegations involving crypto.

The vast majority of criminal allegations, if not all, that form the base of a crypto-related criminal investigation are of a financial crime nature, e.g. fraud, money laundering and insider dealing. They can also include alleged offences relating to the breach of financial regulations.

These offences, by their very nature, can take place across multiple jurisdictions and are, therefore, types of offences for which multiple countries can claim authority, including in relation to conduct outside their own country (hence extradition can be an option).

Indeed, due to the borderless nature of the effects of these crimes, a country could assert jurisdiction against an individual who has not even stepped foot on its territory.

As such, jurisdictions might additionally utilise INTERPOL to locate an individual and seek their arrest prior to issuing any extradition request.

Therefore, due to the nature of this technology, and as this technology becomes more prevalent, we stand to see a large increase in the instances of INTERPOL being used to locate individuals accused of allegations involving crypto.

International crypto dimension – criminal investigations, litigation and extradition

Those who suspect they may be subject to an extradition request from the UK, or who are just concerned about liability across multiple jurisdictions including the UK, should get in touch.

Gherson’s criminal litigation, regulatory and investigatory team combine an expert knowledge of criminal and regulatory law underpinned by a firm understanding of digital assets and blockchain technology. As such, the team are able to provide expert strategic advice to anyone facing investigation in relation to any allegation of criminality involving cryptoassets. Working alongside the extradition team, Gherson’s criminal litigation, investigations and regulatory team are able to provide an unparalleled service in any case with an international dimension.  The team are also able to call upon lawyers in multiple other jurisdictions and build multi-jurisdictional teams to assist with any suitable defence.

INTERPOL, Red Notices and crypto

In addition, those who fear that a jurisdiction may have requested INTERPOL to process data relating to them for any allegations of offences involving crypto, or are just concerned about potential liability, should get in contact.

Gherson Solicitors continue to receive requests for expert advice and assistance from those who suspect they may have outstanding financial issues which may engage INTERPOL. That advice tackles:

1. How best to approach a possible INTERPOL red notice;
2. Preparing for potential criminal proceedings / an extradition request;
3. Preparing for a situation where a civil matter or commercial dispute could be used to initiate bogus criminal proceedings; and
4. Even exploring the possibility of instigating civil litigation proceedings to recover any misappropriated assets.

Gherson have previously written a series of blogs designed to assist those who suspect they might be subject to INTERPOL measures (including a Red Notice):

INTERPOL and Red Notice Challenges

How to Remove an INTERPOL Red Notice

INTERPOL Red Notices and Extradition

How do I know if I am subject to an INTERPOL Red Notice?

Regulation and compliance

In these constantly changing times, firms that deal with cryptoassets, and who may have exposure to firms that do, will need to carefully consider all their systems and controls to ensure that they are able to comply with all relevant AML and sanctions regulations.

How Gherson can assist

Gherson’s white-collar crime and regulatory team are able to provide advice and assistance with AML and sanctions compliance, including in situations involving cryptoassets.

Additionally, the team has recently started a series on the regulation of crypto, with the aim of advising those who work in the compliance of this sector. Individuals and companies seeking advice on the relevant issues, including problems with the FCA registration process, will be guided by our specialist regulatory and compliance team.

Please do not hesitate to contact us for further advice, send us an e-mail, or, alternatively, follow us on Twitter, Facebook, or LinkedIn to stay up-to-date.

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

©Gherson 2025