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The FBI has seized over $6 million in cryptocurrency from scammers operating out of Southeast Asia who targeted U.S. citizens through fraudulent crypto investment schemes. These scams led victims to believe they were investing in legitimate crypto platforms, only for the funds to be diverted into wallets controlled by the fraudsters.
On September 26, the U.S. Attorney’s Office for the District of Columbia reported that multiple victims lost millions of dollars through these schemes. The FBI was able to trace the stolen crypto on the blockchain, and with the help of Tether, which froze the wallets, the stolen assets were recovered.
Victims of these scams are typically approached through dating apps, misdirected text messages, or fraudulent investment groups. Once trust is established, they are directed to invest in fake crypto platforms that mimic legitimate ones. While some of these platforms may appear to offer high returns and allow temporary withdrawals, all deposits are funneled to scam-controlled wallets.
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Matthew Graves, U.S. Attorney for the District of Columbia, noted that the scammers and their accounts are often located abroad, making recovery of stolen funds particularly challenging. Chad Yarbrough, assistant director of the FBI Criminal Investigative Division, highlighted the devastating impact of such schemes, with many victims losing large sums, even taking out second and third mortgages in pursuit of false investment opportunities.
According to the FBI’s 2023 cryptocurrency fraud report, investment scams accounted for almost 71% of crypto fraud cases, with over $3.9 billion stolen. The majority of the complaints and losses came from the U.S. despite the FBI receiving reports from over 200 countries.
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