The FBI is working to return approximately $8.2 million in seized crypto to victims of a widespread investment scam. The scam involved deceptive text messages where fraudsters posed as contacts, luring victims into investing in fake crypto platforms with promises of high returns.
The scam started with messages sent to random phone numbers, claiming to have the wrong number. Scammers would then befriend recipients, gain their trust, and convince them to invest in a crypto scam.
One notable case involved a woman from Lake County, Ohio, who lost her entire life savings of $663,352. She was threatened with harm to her family when she questioned the process.
The FBI traced stolen funds to three crypto addresses through blockchain analysis. Tether Limited assisted by freezing the assets, which were then transferred to a law enforcement-controlled wallet.
On February 27, a civil forfeiture complaint was filed in an Ohio court to obtain approval for returning the seized funds to victims. The complaint argues that the seized assets were proceeds of financial crimes.
So far, 33 victims have been identified, with five more under investigation. Total reported losses are around $6 million.
This case highlights the growing efforts by law enforcement to combat crypto-related fraud and recover stolen assets for victims.
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