United States authorities have busted a large-scale crypto scam, seizing a staggering $8.2 million from fraudsters. The scam, which targeted 33 victims across the US, including one from Ohio, involved scammers posing as friends or romantic partners online. They would gain the victim’s trust and convince them to invest in digital assets, promising unusually high returns.
Scammers Mode Of Operation
The scammers would start by sending text messages to random phone numbers, pretending to be the wrong number. They would then build a relationship with the victim, sharing stories and interests to gain their trust. Once the victim was comfortable, the scammer would share fake success stories about investing in cryptocurrency. They would promise unusually high returns and convince the victim to invest.
The scammer would then guide the victim into opening a legitimate crypto account on a reputable exchange. The victim would transfer money from their bank to the newly opened account, and then the scammer would instruct them to transfer the funds to a fake “investment platform.”
The platform would promise lucrative returns, but ultimately the victim would lose control of their funds and be unable to withdraw them. The scammer would then devise excuses, such as a fake “tax” requirement, to explain why the victim couldn’t access their funds.
Justice Served
The FBI has been investigating this fraudulent scheme for several months. They have seized 8,207,578 Tether (USDT) crypto tokens, valued at $8.2 million. The U.S. Attorney’s Office is seeking to forfeit these funds and return them to the victims.
One of the victims, a woman from Lake County, Ohio, lost her entire life savings of approximately $663,352. She had been convinced to invest in the fake platform by someone she had met online. When she tried to withdraw her funds, the scammer threatened her and her family.
The FBI is continuing to investigate crypto fraud schemes across the US. The agency is currently working to identify and prosecute the suspects and to return stolen funds to victims.
Meanwhile, the recent seizure of $8.2 million from fraudsters is just one of many instances in which authorities have successfully recovered stolen cryptocurrency. Just days ago, the Southern District of New York (SDNY) and Homeland Security Investigations (HSI) in San Diego confiscated $31 million in crypto assets linked to the Uranium Finance hack.
