A $300 Million Crypto Scam Shocks US and Mexico
A $300 million crypto scam has left 1,200+ investors in Mexico and the US without funds, as authorities pursue suspects in a cross-border probe.
A crypto scam linked to DeFi platform Terablock has left more than 1,200 investors in Mexico and the United States without their funds. Authorities estimate losses exceed $300 million, devastating families and businesses.
The scheme promised monthly returns of 7% to 15% through investments in the USDC stablecoin. Investors accessed their accounts via a mobile app available on Apple’s App Store and Google Play, where they could view their alleged profits.
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 fiscal
— ZETA Tijuana (@ZETATijuana) August 8, 2025
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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