The U.S. Department of Justice (DOJ) will reimburse approximately $470,735 to two victims of a cryptocurrency investment scam after federal authorities successfully located and seized stolen digital assets.
According to the U.S. Attorney’s Office for the District of Maine, victims lost more than $800,000 in 2022 after transferring money to cryptocurrency wallets controlled by fraudsters.
Following an investigation, the FBI recovered 470,773 USDT – also known as Tether – a dollar-pegged stablecoin widely used in digital asset transactions.
Authorities identified the seized funds as proceeds of bank fraud and money laundering.
A federal court later approved the forfeiture of the assets, allowing the DOJ to return the recovered money to the victims.
Officials say the case highlights the growing prevalence of cryptocurrency-related scams, especially those that use social engineering tactics.
In many cases, criminals make contact through social media, messaging platforms or dating apps, often posing as friendly strangers or casual contacts.
Over time, scammers build trust before introducing fraudulent investment opportunities.
Victims are typically redirected to fake crypto investment platforms that show fabricated profits.
When individuals attempt to withdraw money, scammers demand additional payments disguised as fees or taxes, but never release the money.
The FBI, which led the investigation, worked with federal prosecutors to secure the recovery of assets.
The DOJ also acknowledged Tether’s assistance in facilitating the transfer of the seized funds.
Authorities are urging anyone who suspects they have been targeted by a cryptocurrency scam to immediately report it to law enforcement authorities or the FBI’s Internet Crime Complaint Center.
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