U.S. Department of Justice officials announced that the Secret Service announced more than $225 million in “related to cryptocurrency investment scams.”
In a notice Wednesday, the Ministry of Justice explain It has filed a civil forfeiture complaint against more than $225.3 million in cryptocurrency. In the US legal system, such complaints are directed at the asset itself, not the parties involved. According to U.S. officials, the cryptocurrency in question is involved in money laundering by victims of fraudulent investment programs.
Interim U.S. attorney for D.C. and former Fox News host Jeanine Pirro said officials plan to use the funds again to make the plan’s victims a whole. While details of the investment scam are unclear, the complaint says more than 400 alleged victims failed to falsify the crypto plan, resulting in millions of dollars in losses.
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The Ministry of Justice, assisted by the investigation, issuer of Stablecoin, explain In a blog post Wednesday, cryptocurrency seizures were linked to “pig slaughter” fraud. This approach refers to a scam where criminals convince them to send more and more funds to the victim over time to “boost” the victim.
Related: Pig Butcher Steals $5.5B from cryptocurrency investors in 2024
Cryptocurrency investment fraud caused more than $5.8 billion in losses in 2024, according to a report from the FBI Internet Crime Complaints Center. Losses exceed $9.3 billion In the same year, scams and frauds involving digital assets.
Fight fraud nationwide
The Justice Department complaint was announced the same day as New York officials Say they caught $140,000 And frozen another $300,000 in cryptocurrency investment scam related to fake ads on social media platforms. The plan caused more than $1 million in losses and identified more than 300 victims.
At a press conference discussing civil confiscation cases, Pirro Avoid Questions about whether the Justice Department would adopt a similar approach to review U.S. President Donald Trump’s connection to the cryptocurrency industry. She quoted The latest adoption of “Genius Law”in the U.S. Senate regulates stable bills, but says the Justice Department will focus on “people deprived of their life savings.”
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