The United States Seizes Digital Currency Linked to Chinese Man Involved in Crypto Fraud
The US government has confiscated approximately half a million dollars in digital currency from a Chinese individual who was implicated in a crypto-investment fraud scheme. This scam, known as “pig butchering,” involves manipulating victims into investing in fraudulent cryptocurrency schemes through online interactions. The US Secret Service seized the digital assets from an account registered to Wang Yicheng in June, which had been illicitly diverted from a victim residing in Massachusetts. Wang, who had cultivated relationships with influential figures in Thailand’s law enforcement and political circles, had received over $90 million in recent years, with at least $9.1 million linked to pig-butchering scams.
No Criminal Charges Filed Yet
As of now, the United States has not filed any criminal charges against Wang. The court filing represents a civil forfeiture action, where the government seeks court approval to take possession of assets seized in connection with alleged criminal activities. Acting US Attorney Joshua Levy emphasized that law enforcement is adapting and evolving to recover funds stolen through crypto fraud schemes. It is worth noting that the US government holds approximately 200,000 Bitcoins (worth around $5 billion) obtained through seizures related to criminal activities. These digital assets are securely stored offline in encrypted hardware wallets controlled by various federal agencies.
Hot Take: US Crackdown on Crypto Fraud Continues
The seizure of digital currency linked to a Chinese man involved in crypto fraud demonstrates the ongoing efforts of the United States to crack down on fraudulent cryptocurrency schemes. By confiscating these funds and pursuing civil forfeiture actions, law enforcement aims to deter criminals and protect victims. The adaptation and evolution of law enforcement techniques reflect the determination to hold individuals accountable for their involvement in crypto fraud. As the US government continues to accumulate significant amounts of Bitcoin through seizures, it highlights the importance of secure storage and the commitment to combating criminal activities in the crypto space.
By
By
By
By