New Zealand police arrest key suspect in $265M crypto fraud

New Zealand authorities have arrested 13 individuals in a $265 million cryptocurrency fraud case, including a man from Wellington who was indicted under U.S. racketeering laws, according to Cointelegraph. The arrests came after police executed search warrants over three days in Auckland, Wellington and California. The U.S. Department of Justice (DOJ) charged the Wellington man with racketeering, conspiracy to commit wire fraud and conspiracy to commit money laundering. Prosecutors say the stolen funds were used to buy $9 million in luxury cars and to spend lavishly on designer goods and premium services in cities such as Los Angeles, Miami and the Hamptons.