365Crypto
The FBI recently seized over $6 million in cryptocurrency from scammers who were targeting people in the U.S. These scammers, based in Southeast Asia, had been running fake crypto investment schemes.
What Happened
The U.S. Attorney’s Office reported that victims were tricked into thinking they were investing in legitimate crypto companies. Instead, the scammers were taking their money. The FBI was able to track the stolen crypto and found several wallets with over $6 million.
How Tether Helped
Tether, helped by freezing the scammers’ wallets, allowing the FBI to quickly seize the stolen money.
Matthew Graves, the U.S. Attorney, explained that it’s usually hard to recover funds from scammers because they’re often overseas.
How the Scam Worked
The scammers reached out to people through dating apps, text messages, or online groups. Once they built trust, they suggested a crypto investment that looked promising. The websites used by the scammers looked real, and they even let people withdraw some money at first, making them think it was safe.
But all the money was actually being sent to the scammers’ wallets.
The FBI’s Warning
Chad Yarbrough, Assistant Director at the FBI, said these scams are costing people a lot. Some victims lose all their savings, and some even take out extra loans, believing they’ve found a great investment.
The FBI’s 2023 report showed that investment scams make up the majority of crypto fraud, with scammers stealing $3.9 billion. Most of the victims are from the U.S.
