$300 Million Crypto Heist Rocks US and Mexico—Here’s What Went Down

Crypto's dark side strikes again—this time with a $300 million cross-border scam that left investors reeling. The elaborate scheme exploited regulatory gaps between the US and Mexico, proving once again that where there's digital gold, there are bandits.

How it worked: Fraudsters used a mix of fake DeFi platforms and old-school Ponzi tactics to lure victims. The operation ran for months before collapsing—classic exit scam behavior.

Why it matters: This isn't just another crypto cautionary tale. The sheer scale shows how sophisticated financial crime has become in Web3. And let's be honest—when traditional banks fail this hard, they at least get government bailouts.

The fallout: Authorities on both sides of the border are scrambling to trace the funds. Good luck with that—the perpetrators probably converted their haul to Monero before anyone noticed.

Silver lining? Maybe this will finally kill the 'crypto is only for criminals' narrative. After all, Wall Street steals bigger amounts before breakfast.

The Terablock Saga: More than 1,200 Victims in North America

Terablock started promoting its lucrative stablecoin investment scheme back in 2019. Operations abruptly halted in August 2021, with Terablock citing an unexplained “technical shutdown.” 

Soon after, the founders vanished, and investors lost all access to their money.

Following a large protest outside the Baja California prosecutor’s office, police arrested a woman identified as Mónica “N” in La Paz. They accused her of co-authoring the fraud. 

Detienen a Mónica García, involucrada en el caso; en próximas horas llegará a Tijuana, dice fiscalhttps://t.co/629MDM4UJW pic.twitter.com/rtaSEE7qkq

Authorities are also pursuing investigations into Javier Elenes and several associates in a joint Mexico-US effort.

One victim told local media the company claimed to use an algorithm to generate trading profits, paying investors who then recruited others. 

Meanwhile, withdrawals were only allowed on specific dates and came with steep fees to convert crypto to pesos or dollars.

International cooperation has moved the legal process forward, but experts warn that recovering lost funds could take years. 

“Some lost a lifetime of savings, went bankrupt, mortgaged their homes… some even took their own lives from the desperation this fraud caused,” another victim said.

How to Avoid Similar Crypto Scams

Financial authorities recommend thoroughly researching any investment platform. Check legal registrations, executive teams, and mentions in reputable media. 

Avoid platforms promising fixed or unusually high returns, as cryptocurrency markets are highly volatile.

Most importantly, beware of “limited-time” offers or unsolicited recommendations, even from acquaintances, as they may also be victims of social engineering. 

Keep private keys secure, and if you suspect a scam, stop transactions immediately and gather evidence for law enforcement.

Education in cybersecurity and following official alerts are essential to reduce risks in the crypto ecosystem.