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Crypto

Crypto Redemption: US Attorney’s Office Takes Action, Seeks Return Of $2.3M To 37 Scam Victims

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a recent development, the United States Attorney’s Office in Massachusetts has taken legal action to reclaim $2.3 million in crypto assets and return it to 37 victims who fell prey to online scams and fraud. 

The civil forfeiture action aims to forfeit various cryptocurrencies, including Circle’s USD Coin (USDC), Tether (USDT), Tron (TRX), Solana (SOL), Binance Coin (BNB), Cardano (ADA), and Ethereum (ETH), seized from two accounts held at Binance. The cryptocurrency’s estimated current value is approximately $2.3 million.

Binance Accounts Seized In “Pig Butchering” Crypto Fraud Scheme

The investigation into a “pig butchering” fraud scheme began in the spring of 2023, targeting a resident of Massachusetts. In this scam, perpetrators manipulate victims into providing funds by establishing trust through online communication and enticing them to invest in fraudulent crypto schemes. 

Related Reading: Bitcoin Open Interest Peaks At $34 Billion, Shattering Previous Records – Details

Often, victims are tricked into making additional payments before they realize they have been scammed. The term “butchering” or “slaughtering” refers to the act of criminals stealing the victim’s assets or funds, causing “significant financial and emotional harm.” The Attorney’s Office leading the investigation also noted that perpetrators of such schemes are typically located overseas.

According to court documents, a Massachusetts resident became a romance scam victim and was deceived into wiring over $400,000 into a cryptocurrency wallet hosted by a legitimate exchange. Some of these funds were transferred to other wallets and eventually ended up in Binance. 

In January 2024, the cryptocurrency associated with the fraud scheme was seized from two Binance accounts. The investigation revealed that these accounts were linked to funds from an additional 36 victims of fraud across the United States.

US Authorities Pursue Justice

The complaint further alleges that the cryptocurrency represents proceeds from wire fraud, money laundering, and other illicit activities, making it subject to forfeiture. 

The United States Attorney’s Office for the District of Massachusetts also notes that using wire communications as part of a fraudulent scheme or obtaining money or property by false or fraudulent pretenses violates federal law. Similarly, it is a federal crime to conduct or attempt to conduct financial transactions involving the proceeds of unlawful activity. 

Related Reading: Ripple vs. SEC: Battle Nears Climax As Briefing Deadlines Approach

The US Attorney’s Office’s legal action seeks to provide restitution to the victims affected by this “pig butchering” fraud scheme. By recovering the seized cryptocurrency, the aim is to compensate the victims and disrupt the illicit activities of the perpetrators. 

Crypto
The daily chart shows the total crypto market cap’s valuation at $2.6 trillion. Source: TOTAL on TradingView.com

As of this writing, the total crypto market capitalization is $2.6 trillion, representing a decline of 1.27% over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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