Sign Up on MEXC
Highlights
- US targets $2.3M in crypto from 37 scam victims.
- "Pig butchering" scam costs MA residents $400K.
- DOJ & FBI recapture $1.4M in Tether from fraud.
The US Attorney’s Office in Massachusetts has initiated a civil forfeiture action aimed at recouping $2.3 million in cryptocurrency. This amount is associated with several internet frauds, with 37 victims all over the country. The measure, in a consolidated approach by federal agencies, is aimed at dealing with and reducing the impacts caused by internet fraud scams, especially the ones that involve digital currencies.
Forfeiture Action Targets Crypto Scams
The forfeiture seeks to recover a mix of digital currencies, including USD Coin (USDC), Tether (USDT), Tron (TRX), Solana (SOL), Binance Coin (BNB), Cardano (ADA), and Ether (ETH), held in two Binance accounts. These assets were identified and frozen in January 2024 after an extended investigation into a “pig butchering” fraud that resulted in the loss of $400,000 to a Massachusetts resident.
The term “pig butchering” defines a corrupt practice when fraudsters undergo a stage of building trust with their victims before persuading them to invest in nonexistent opportunities that result in considerable financial losses.
Collaboration and Recovery Efforts
The action of the US Department of Justice was facilitated by a larger investigation into fraudulent schemes that prey on people through intricate online systems. These endeavors indicate the growing partnership of cryptocurrency platforms such as Binance and law enforcers in tracking and retrieving assets involved in criminal activities. The process not only consists of tracing the illegally gained funds but also finding the legal ways to send them back to their legitimate owners, illustrating how difficult and complex it is to control the digital financial environment.
Concurrently, Tether was instrumental in helping the Department of Justice and the Federal Bureau of Investigation with the recovery and return of about $1.4 million in Tether (USDT) tokens. These were attached to a tech support scam most prevalent among old people, therefore showing the wider range of online frauds outside the cryptocurrency sector.
Legal Framework and Victim Support
The process of filing the civil forfeiture action is a significant stage in the legal procedure that makes the possibility of the return of the seized assets to the victims. It creates an opportunity for third parties to stake claims in properties that have been forfeited, as an open and fair system to redress the consequences of such offenses. This lawsuit is based on the breach of federal laws related to wire fraud and money laundering, demonstrating the negative implications of using digital platforms and popular cryptocurrencies in fraudulent activities.
The US Attorney’s Office is urging the public, especially people who may suspect that they are victims of cybercrime, such as crypto scams and romance scams, to come forward and report their experiences. This initiative is a result of a wider approach employed to fight online fraud, guaranteeing that victims are given the necessary assistance and resources to get back their losses.
Read Also: Solana’s dogwifhat (WIF) is Going to Las Vegas In Grand Style
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
