The U.S. is looking for $7.1 million worth of cryptocurrency seized by the Department of Homeland Security in connection with the alleged fraudulent oil and gas investment program.
Seattle U.S. Attorney’s Office explain On Tuesday, it filed a civil lawsuit seeking to confiscate some of the $97 million revenue suspected of operating between June 2022 and July 2024.
“Partners in fraud transfer their ill-gotten gains through various cryptocurrency accounts in an attempt to launder victims,” Seattle’s agent Teal Luthy Miller.
Miller’s office said it is seeking individuals living in Russia and Nigeria who used the victim’s funds to buy cryptocurrencies and sent a portion of that money to their country’s exchanges.
A charged role in suspected plan prosecuted
At least one person allegedly promoted money laundering for transnational criminal organizations.
Geoffrey Auyeung was charged in August 2024 after being charged with obtaining a share of the funds of the Lion from a fraudulent investment program.
Auyeung is accused of buying Bitcoin (BTC), tether (USDT), USDC (USDC) and ether (ethereth) Allegedly stolen funds and sent most of the cryptocurrency to cryptocurrency exchanges.
At the time of arrest, U.S. authorities seized nearly $2.3 million from their bank accounts.
The Justice Department claims investors are under the guise of making profits through investment plans that will purchase fuel tank storage facilities and intend to rent them out to others for substantial gains.
But once the victim sends out the money, prosecutors alleged that those involved in the program will only stop responding.
Prosecutors claim to have identified victims of $17.9 million in fraud and hope to have more claims after being identified and confirmed as victims of the so-called scam.
If the court approves $7.1 million in forfeiture request, the funds recovered will be $9.4 million and will be allocated to any suspected victim.
Related: Crypto scammers get 12 years after rebellious transactions
Recent regulatory crackdowns
In recent weeks, regulators have cracked down on malicious actors in the cryptocurrency space.
Earlier this month, U.S. prosecutors accused two people who were the promoters of Omegapro, allegedly Deceived $650 million investors. If convicted, they could face up to 40 years in prison.
Former football player Shane Donovan Moore was sentenced to two and a half years in federal prison on Friday Operating a Ponzi scheme of $90,000 This deceived more than 40 investors.
Hong Kong police on Thursday Four people were arrested He deceived Hong Kong dollar investors ($382,000). However, the planners behind the operation managed to flee abroad.
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