The federal prosecutor's office in Massachusetts has initiated a civil forfeiture. action The aim was to recover $2.3 million in cryptocurrency. This amount is related to multiple internet scams, with 37 of his victims nationwide. This action is an integrated approach by federal agencies designed to address and reduce the impact of Internet fraud, particularly those involving digital currencies.
Target of confiscation measures is crypto fraud
This confiscation aims to recover a mixture of digital currencies, including USD Coin (USDC). Tether (USDT), Tron (TRX), Solana (SOL), Binance Coin (BNB), Cardano (ADA), and Ether (ETH), held in two Binance accounts. These assets were identified and frozen in January 2024 after an extensive investigation into “.butchering a pigA scam that cost a Massachusetts resident $400,000.
The term “pig butchering” defines a corrupt practice in which a fraudster goes through a stage of building trust with a victim and then convinces the victim to invest in a non-existent opportunity resulting in large financial losses. .
Cooperation and recovery efforts
action of US Department of Justice The investigation was prompted by a major investigation into a fraud scheme that preys on people through complex online systems. These efforts demonstrate the growing partnership between crypto platforms such as Binance and law enforcement agencies in tracking and recovering assets involved in criminal activity. This process involves not only tracking illegally obtained funds, but also finding legal ways to send them back to their rightful owners, no matter how difficult and complex the digital financial environment is to control. It shows whether
At the same time, Tether also helped the Department of Justice and Federal Bureau of Investigation recover and return approximately $1.4 million in Tether (USDT) tokens. These are attached to the most prevalent tech support scams among seniors, thus showing that there is a wide range of online scams beyond the crypto sector.
Legal framework and victim support
The process of filing a civil forfeiture case is an important step in the legal process that increases the likelihood that seized assets will be returned to victims. This creates an opportunity for third parties to make claims against confiscated property, as an open and fair system for redressing the consequences of such crimes. The lawsuit is based on violations of federal law related to wire fraud and money laundering, and demonstrates the negative effects of using digital platforms and popular virtual currencies for fraudulent activities.
The United States Attorney's Office urges the public, especially those suspected of being victims of cybercrime, to: cryptocurrency scam If you have been the victim of a romance scam, please come forward and report your experience. This initiative is the result of a wide-ranging approach taken to combat online fraud, ensuring victims are provided with the support and resources they need to recover their losses.
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