The Department of Justice on Wednesday filed a civil forfeiture complaint against more than $225.3 million in cryptocurrency allegedly connected to a global criminal operation targeting U.S. and foreign victims.
The U.S. Attorney's Office filed the complaint in U.S. District Court for the District of Columbia, DOJ said in a statement.
The U.S. Secret Service and FBI used blockchain analysis and other investigative techniques to determine that the cryptocurrency was connected to the theft and laundering of funds from victims of cryptocurrency investment fraud schemes, the complaint said.
The investigation found that "dozens of victims across the country" lost funds through the belief they were making legitimate cryptocurrency investments, with more than 400 suspected victims globally.
"This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service (USSS) history," said Special Agent in Charge Shawn Bradstreet of the USSS San Francisco Field Office.
"These scams prey on trust, often resulting in extreme financial hardship for the victims. The USSS, FBI, and our private partners worked diligently to trace these illicit transactions, identify victims and seize these funds so that they can eventually be returned to their rightful owners."
The scam operators dispersed the proceeds across an extensive group of cryptocurrency addresses and accounts on the blockchain to conceal the source of the illicitly obtained funds.
"Under my leadership, with the support of President [Donald] Trump and Attorney General [Pam] Bondi, the U.S. Attorney's office for the District of Columbia is taking a leading role in the fight against crypto-confidence scams, partnering with law enforcement throughout the country to seize and forfeit stolen funds and rip them from the hands of foreign criminals, all with the eye toward making victims whole," U.S. Attorney Jeanine Pirro said.
This investigation is being handled by the U.S. Secret Service San Francisco Field Office and the FBI San Francisco Field Office. The DOJ thanked Tether for its proactive assistance in this investigation.
According to the FBI Internet Crime Complaint Center's 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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