New Zealand police arrested a Wellington man on suspicion of participating in an international cryptocurrency fraud case worth up to $265 million. The case was investigated by the U.S. FBI, which said that criminal gangs defrauded cryptocurrencies by manipulating seven victims from March to August 2024 and laundered money through multiple platforms. The funds were used to buy $9 million luxury cars, luxury goods and luxury rentals in Los Angeles and other places. In the past three days, New Zealand and California have carried out multiple searches, and 13 people have been charged, including the only New Zealand suspect in this case. The man faces charges from the U.S. Department of Justice, including extortion (RICO), telecommunications fraud and money laundering conspiracy.