New York, Sunday, October 6, 2024 – The FBI has confiscated over $6 million in cryptocurrency assets linked to Southeast Asian scammers accused of preying on US citizens through crypto confidence schemes, the agency announced via social media.1
These schemes involve fraudsters contacting victims through dating apps, text messages, or professional meet-up groups, gaining their trust before luring them into depositing funds into fraudulent crypto investment platforms.
Victims are often allowed to withdraw small amounts of profit to foster trust before being locked out of their investments, according to the FBI.
Chad Yarbrough, FBI Criminal Investigative Division, described the schemes as “devastating,” highlighting the serious impact on victims who often lose life savings, take out second mortgages, or drain retirement accounts.
The U.S. Department of Justice (DOJ) explained that instead of investing the funds as promised, scammers transferred the assets into wallets they controlled.
The FBI was able to trace multiple wallet addresses associated with these scams, leading to the seizure of $6 million worth of digital assets.
U.S. Attorney Matthew M. Graves emphasized that the overseas location of fraudsters won’t stop US authorities from pursuing justice and recovering funds.
“We will do all we can to hold these criminals accountable,” Graves said.
The FBI continues to work with international partners to combat the growing threat of crypto-related fraud targeting US citizens.
