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A newly established US Scam Center Strike Force has frozen, confiscated, or initiated forfeiture proceedings on more than $580 million in cryptocurrency connected to cross-border fraud networks, in what authorities describe as one of the most significant coordinated actions yet against crypto-driven “pig butchering” schemes.
Fake trading platforms
According to a Feb. 26 announcement from the United States Attorney’s Office for the District of Columbia, which operates under the United States Department of Justice, the cases center on scam operations largely based in Southeast Asia and allegedly tied to Chinese criminal organizations. The enforcement actions targeted organized groups accused of orchestrating romance and investment frauds that persuaded victims to send digital assets to sham trading platforms.
So-called “pig butchering” scams typically involve fraudsters building trust with targets over weeks or months before steering them into fraudulent crypto investment schemes. In recent years, these operations have spread worldwide, costing victims billions of dollars.
Gaining victims’ trust
“The scammers identify their targets, build trust, and encourage them to invest in legitimate cryptocurrency, only to later deceive them into transferring those funds to fraudulent crypto investment websites and apps,” the US Attorney’s Office said in its statement. Officials also noted that many individuals working inside scam compounds are themselves victims of human trafficking, reportedly detained, abused, and monitored by armed guards.
The Justice Department added that the crackdown was carried out in coordination with the Federal Bureau of Investigation and the United States Secret Service.

Bitdeer Technologies has fully cleared out its corporate Bitcoin reserves, reporting a zero BTC balance as of February 20 in its latest production update. The miner, which is listed on the Nasdaq, revealed it sold all 189.8 BTC mined during the week and also liquidated its remaining treasury of 943.1 BTC, completing a gradual reduction from about 2,000 BTC held at the end of the year.
This complete exit came soon after Bitdeer unveiled plans to raise capital through a $325 million convertible notes issuance and a $43.5 million equity sale to support data center growth and its shift toward artificial intelligence. Its decision to hold no Bitcoin sets it apart from other publicly traded miners like MARA Holdings and Riot Platforms, which typically retain BTC on their balance sheets.
The move also comes as mining profitability faces pressure from rising network difficulty and declining hashprice, factors that reduced Bitdeer’s Q4 gross margin to just 4.7%. The company has not clarified whether abandoning its Bitcoin holdings reflects a long-term strategic change or a temporary step tied to its fundraising efforts, as it also deals with an ongoing securities class-action lawsuit.

With the White House hosting its third meeting on stablecoin policy and Congress still at odds over broader crypto legislation, the regulatory landscape remains unsettled. Yet rather than urging patience, Securities and Exchange Commission Chair Paul Atkins is pressing the industry to move forward. 
"Building useful things that people want and need speaks volumes in Washington," Atkins said at the ETHDenver 2026 Conference on 18 Feb, arguing that tangible adoption carries more weight with policymakers than lobbying alone. 
The remarks, however, come amid legislative uncertainty. Congress remains divided over market structure reform, and while stablecoin legislation has advanced further than broader crypto bills, disagreements, particularly over whether stablecoins should be allowed to pass through yield to holders, have slowed progress. 
“This process will take time,” Atkins said, adding that innovators “shouldn’t necessarily wait for these changes before they start building.” 
White House escalation 
The legislative friction has escalated to the executive branch. A third White House meeting with representatives of the banking sector and crypto firms is taking place on 19 Feb. 
The talks center on stablecoin yield mechanics. Banks have warned that yield-bearing stablecoins could compete directly with deposits without equivalent oversight, while digital asset firms argue that prohibiting yield would undermine product innovation and market competitiveness. 
As reported by Sandmark, two earlier meetings in February sought to narrow differences, but the core dispute over yield remains unresolved. 
Legislative deadlines and midterm elections  
Lawmakers are trying to lock in a compromise before critical political deadlines. The Senate’s version of the CLARITY Act, a crypto market structure bill that passed the House last year, could still clear Congress by April, according to Sen. Bernie Moreno. The timeline would give negotiators a window before the midterm elections in November. 
Treasury Secretary Scott Bessent recently urged Congress to pass the CLARITY Act this spring, blaming the delay on the crypto industry and warning that a shift in House control after the midterms could erode the bipartisan coalition that currently supports the legislation. 
“We need a statute to undergird those efforts so that we won’t have backsliding in the future,” Atkins said. 
The clock is ticking, with the White House targeting a deal by the end of February.