Crypto enthusiasts, rejoice! The US Department of Justice (DOJ) has struck a massive blow to fraudulent cryptocurrency investment schemes, seizing a whopping $112 million in virtual currency. 

According to the DOJ’s official statement, the agency has successfully put an end to these illicit activities and saved countless individuals from losing their hard-earned money. This news is a ray of hope for those who have been skeptical about the safety and security of the crypto industry.

This isn’t just a small victory; it’s a massive win for crypto investors across the globe who’ve been victimized by scams and deception in the past.

Documents filed in the case reveal that six digital currency accounts were seized by judges from various states, exposing the depth of deception and the extent of the financial harm inflicted on victims.

The fraudsters, who had built long-term relationships with their victims online, convinced them to invest in bogus cryptocurrency trading platforms, promising huge returns on their investments. However, the money invested by these unsuspecting individuals was used to line the pockets of the fraudsters instead.

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.

The latest crackdown by authorities has shed light on this massive crypto fraud, with Kenneth A. Polite, Jr., the assistant attorney general of the Justice Department’s Criminal Division, vowing to return the seized funds to the victims and raise public awareness about the dangers of such scams. 

The DOJ has been making headlines with its relentless pursuit of crypto criminals. In a series of high-profile seizures, the DOJ has confiscated billions of dollars worth of digital assets.

In February 2022, the agency seized a whopping 94,000 BTC connected to the Bitfinex theft, then valued at a mind-blowing $3.6 billion. The scale of these seizures was unprecedented and sent shockwaves through the digital currency world.

By November 2022, the DOJ revealed that it had seized a staggering 50,000 BTC linked to the infamous Silk Road marketplace. At the time, the haul was worth a jaw-dropping $1.05 billion. But the DOJ wasn’t done yet.

In February 2023, the Federal Bureau of Investigation, a division of the DOJ, announced that it had seized $260,000 worth of assets, including NFTs. This was just the latest example of the agency’s unwavering commitment to rooting out crypto crime.

In fact, the FBI’s online crime center reported that crypto fraud, including bizarre schemes such as the so-called “pig butchering,” had surged by a staggering 183% between 2021 and 2022, resulting in a total of $2.57 billion in stolen funds.

This amounted to the majority of fraud cases reported to the center, which totaled an eye-watering $3.31 billion.

-Featured image from Bitter Winter

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