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Cryptocurrency Fraudsters Busted: DOJ Seizes Millions in Crypto

Mon, 04/03/2023 - 20:04
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Alex Dovbnya
In a significant crackdown on cryptocurrency fraud, the Department of Justice (DOJ) has seized an estimated $112 million connected to various investment scams
Cryptocurrency Fraudsters Busted: DOJ Seizes Millions in Crypto
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In a significant move against fraudulent activities in the cryptocurrency sector, the Department of Justice (DOJ) has confiscated roughly $112 million in digital currencies connected to numerous investment scams.

Judges from various states authorized seizure warrants for six digital currency accounts. These accounts were purportedly utilized to launder funds obtained from a variety of crypto-related confidence scams.

In these schemes, con artists build long-lasting relationships with victims, enticing them to invest in fake cryptocurrency trading platforms.

In 2022, the majority of scams reported to the FBI involved investment fraud with cryptocurrencies, including pig butchering scams, leading to the most significant losses, amounting to approximately $3.3 billion.

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Victims were approached through social media, online communication platforms, dating websites, and errantly dialed phone calls and text messages.

As part of its ongoing fight against international criminal organizations that leverage confidence scams and technological know-how to swindle Americans, the DOJ plans to return the confiscated digital assets to the victims.

Besides dismantling these operations, the DOJ is committed to increasing public awareness and encouraging caution in online relationships and suspicious investment recommendations, particularly those involving cryptocurrencies.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at