In reality, the purported firms and cryptocurrency exchanges were non-existent trading platforms. This seizure should also serve as a reminder to cybercriminals that, although the current landscape of the cryptocurrency ecosystem may seem like an ideal way to launder ill-gotten gains, law enforcement will continue to develop the expertise needed to follow the money and seize it back for victims.”Īccording to court documents, criminal actors worked together to target victims and convince them to make cryptocurrency deposits by fraudulently representing that the victims were making investments with trusted firms and cryptocurrency exchanges. “The department hopes this recovery of assets will bring some closure and a sense of justice to the over 70 victims affected by this series of scams.

Argentieri of the Justice Department’s Criminal Division. The truth is that these international criminal actors are simply stealing cryptocurrency and leaving victims with nothing,” said Acting Assistant Attorney General Nicole M. These scammers prey on ordinary investors by creating websites that tell victims their investments are working to make them money.

“Through this significant seizure, we disrupted the financial infrastructure of an organized network of scammers who stole millions from victims across the United States. These seized funds were traced to cryptocurrency addresses allegedly associated with an organization that exploited over 70 victims through romance scams and cryptocurrency confidence scams, which are widely known as “pig butchering.” The Justice Department announced today the seizure of nearly $9 million worth of Tether, a cryptocurrency pegged to the U.S.

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