On March 24th, according to Cointelegraph, the US government is seeking to return $7 million to victims of social engineering scams who were tricked into sending money into fake cryptocurrency investment platforms. According to a statement from the US Attorney's Office for the Eastern District of Virginia, the scam case involves the scammers first getting in touch with the victims and winning their trust, then directing them to websites disguised as legitimate cryptocurrency investment platforms. Once the victims have made a deposit, the funds are transferred through more than 75 bank accounts that belong to shell companies in the name and then transferred abroad in a "deceptive manner" that ostensibly appears to be domestic remittances, although in reality the funds are transferred to banks outside the United States.
When victims try to withdraw money, criminals force them to send it again by means such as the victim needing to pay taxes on the presumed proceeds. The U.S. Secret Service seized a portion of the funds from a foreign bank in 2023 and initiated civil forfeiture proceedings by filing a lawsuit in U.S. District Court. However, the bank also filed a claim against the funds, and the U.S. government eventually reached an agreement to return $7 million of the seized funds to the victim.
US Government to Return $7 million Seized Funds to Fake Crypto Investment Website Victims
2025-03-24 03:31:50
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