Argentina just pulled off one of its largest crypto-related enforcement actions ever. On May 31, authorities executed 90 simultaneous raids across the country, arrested 24 people, and seized more than 8 million USDT in what they’ve dubbed Operation “Fake Coins.”

The targets: sophisticated fraud networks accused of running fake investment platforms that lured victims through WhatsApp messages promising high returns. The alleged damage: nearly ARS 3 billion in losses, which at current exchange rates puts this firmly in the category of major financial crime.

How the scheme worked

Unregistered financial advisers reached out to potential victims through WhatsApp and WhatsApp Business accounts, pitching what…