The Federal Bureau of Investigation (FBI) reveals it has confiscated Bitcoin (BTC) worth millions of dollars from overseas scammers targeting the elderly. The scammers posed as members of United States law enforcement agencies and tricked the victims into transferring money to them for “safekeeping.”
FBI Reveals It Has Confiscated Bitcoin (BTC) From Scammers Overseas
The United States Attorney for the District of Connecticut and the Acting Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation (FBI) announced Friday that Bitcoin (BTC) and other digital assets have been confiscated in connection with a fraudulent scheme targeting the elderly. They detailed:
An investigation of a fraud scheme targeting vulnerable victims has resulted in the forfeiture of approximately 151 bitcoins, likewise as other digital assets.
The case is being investigated by the FBI, the United States Secret Service, and the United States Marshals Service. At the time of publication, the value of the allegedly confiscated Bitcoin (BTC) totaled approximately $3.5 million.
The fraud, which took place in approximately October 2020, involved overseas individuals pretending to be members of United States law enforcement agencies. They targeted “vulnerable victims, including first-generation United States citizens and elderly persons,” the authorities stated. Through phone calls, they informed the victims that their identity had been compromised. After gaining the victims’ trust, the scammers requested transfers of money for “safekeeping” with the promise of returning the funds plus interest. The notice details:
Once the overseas individuals had access to the victims’ money, they moved the money through numerous bank accounts and converted the money to digital currency in the form of Bitcoin (BTC) and other cryptocurrencies.
“Law enforcement investigators traced the victims’ money through the numerous accounts and identified a digital wallet holding Bitcoin (BTC) and other digital currencies that had been purchased with the victims’ money,” the notice adds. The authorities pointed out that the overseas scammers remain at large.
The United States Attorney’s Office has been granted “a civil investment forfeiture seizure warrant for the digital wallet,” the notice clarifies, elaborating:
The United States Attorney’s Office used the civil investment forfeiture procedure because the digital assets constituted the proceeds of wire fraud.
What are your thoughts on this case? Please share your thoughts in the comments section below.
o provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.