According to News.bitcoin, the US Department of Justice (DOJ) announced on March 21 that $7 million in proceeds from a cryptocurrency investment fraud scheme have been recovered and has now begun inviting victims to submit petitions to repatriate the funds. The authorities stated that "these fraudulent websites imitate legitimate cryptocurrency investment platforms, but transfer the victims' funds to the perpetrators through over 75 bank accounts opened in the name of shell companies." The victims were misled into believing that their investment value was increasing, but in reality, the profits were fabricated.
After laundering money through a series of complex domestic and international transactions, the criminals ultimately transfer the funds overseas. In June 2023, the US Secret Service seized funds from a foreign bank account, prompting the Department of Justice to file a civil confiscation lawsuit. After a foreign bank filed a claim, the two parties reached a settlement, resulting in the confiscation of $7 million to the United States.
