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Fraud

$2.5 Million in Virtual Currency Forfeited to the United States in Cryptocurrency Confidence Schemes

Strategic Insights

— 1 min read

In a significant move, United States District Court Judge Amir H. Ali has ordered the forfeiture of approximately $2.5 million worth of virtual currency involved in cryptocurrency confidence schemes. U.S. Attorney Jeanine Ferris Pirro, Chief John Lynch of the Computer Crimes and Intellectual Property Section of the Department of Justice, and FBI Special Agent in Charge Stacey Moy of the San Diego Field Office announced the forfeiture, emphasizing the U.S. government's commitment to holding fraudsters and grifters accountable.

Key Takeaways:

  • The United States has forfeited approximately $2.5 million worth of virtual currency involved in cryptocurrency confidence schemes.
  • The forfeiture was ordered by United States District Court Judge Amir H. Ali.
  • The scheme targeted vulnerable victims and resulted in devastating financial losses.
  • Members of the public who believe they are victims of a cybercrime can contact the FBI's Internet Crime Complaint Center (IC3) at https://www.ic3.gov.
  • The United States utilizes asset forfeiture to punish and deter criminal activity, promote cooperation among law enforcement agencies, and recover assets to compensate victims.
  • The FBI's Virtual Asset Unit and the Justice Department's Office of International Affairs provided valuable assistance in the case.
  • The Department of Justice acknowledged Tether for its assistance in effectuating the transfer of the assets.
  • The case was prosecuted by Assistant U.S. Attorneys Rick Blaylock Jr. and Kevin Rosenberg, along with Trial Attorneys Stefanie Schwartz and Gaelin Bernstein.
  • Supervisory Paralegal Gina Torres provided valuable assistance in the case.

Statistics:

  • The forfeited virtual currency is valued at approximately $2.5 million.
  • The case involved cryptocurrency confidence schemes that targeted vulnerable victims and resulted in devastating financial losses.
  • The U.S. government has used asset forfeiture to punish and deter criminal activity, recover assets to compensate victims, and promote cooperation among law enforcement agencies.
  • The FBI's Virtual Asset Unit and the Justice Department's Office of International Affairs provided valuable assistance in the case.

Sources:

  • Office of United States Attorneys
  • U.S. Attorney Jeanine Ferris Pirro
  • Computer Crimes and Intellectual Property Section of the Department of Justice
  • FBI Special Agent in Charge Stacey Moy
  • San Diego Field Office
  • Tether
  • FBI's Internet Crime Complaint Center
  • Justice Department's Office of International Affairs

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