FBI Seizes $6M from Crypto Scammers Targeting U.S. Citizens

The FBI seized over $6 million from scammers who targeted U.S. citizens with fraudulent crypto investment schemes. Tether helped by freezing the wallets, aiding in the recovery of stolen funds.

In a major crackdown on cryptocurrency fraud, the FBI has seized over $6 million in digital assets from scammers targeting U.S. citizens with fraudulent crypto investment schemes. The U.S. Attorney’s Office for the District of Columbia revealed the fraudsters misled victims into believing they were investing in legitimate crypto enterprises, only to steal their funds.

The scam originated from Southeast Asia, where criminals posed as crypto investment advisors through dating apps, misdirected text messages, and online investment groups. Once trust was gained, victims were directed to fake investment platforms that mimicked real ones, offering the illusion of high returns. However, behind the scenes, all deposits were funneled into wallets controlled by the fraudsters.

The FBI, working with blockchain technology, traced the stolen assets to several wallets, which still contained over $6 million worth of digital currencies. Tether, a major stablecoin issuer, assisted authorities by freezing the wallets, facilitating the quick recovery of the stolen funds.

Matthew Graves, U.S. Attorney for the District of Columbia, emphasized the international nature of these schemes, which makes recovering stolen funds especially challenging. “Typically, the fraudsters and their accounts are located abroad, making recovery difficult,” he noted.

According to the FBI, crypto investment fraud is one of the most pervasive scams in the U.S. today. Chad Yarbrough, Assistant Director of the FBI’s Criminal Investigative Division, commented on the devastation these scams cause: “The FBI has seen victims lose millions of dollars, even taking second and third mortgages on their homes in the hopes of finding the next big investment opportunity.”

The FBI’s 2023 cryptocurrency fraud report shows that almost 71% of crypto-related fraud involves investment scams. These scams resulted in over $3.9 billion in losses last year, making them the most prevalent and damaging type of crypto fraud. The report also indicated that while complaints were received from over 200 countries, the majority of victims were U.S. citizens.

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