DOJ moves to recover $7M in crypto tied to oil and gas investment scam
Main Idea
The DOJ is seeking to recover $7.1 million in cryptocurrency linked to an oil and gas investment scam that defrauded investors of $97 million between June 2022 and July 2024.
Key Points
1. The seized crypto assets are tied to suspects in Russia and Nigeria, with one US-based co-conspirator, Geoffrey Auyeung, indicted in August 2024.
2. The scam operated under fake companies, Apex Mining Group and Apex Oil and Gas Trading LLC, and involved transferring gains into Bitcoin, Tether, USDC, and Ether.
3. The DOJ has identified around $17.9 million in verified losses but expects more victims to come forward.
4. If the $7.1 million forfeiture request is granted, the total recovered amount will rise to $9.4 million.
5. The DOJ has been active in crypto-related fraud cases, including recovering $40,300 in USDT from a phishing scam and resolving a $35 million crypto dispute with a bankrupt lender.
Description
US regulators have moved to recover over $7 million in cryptocurrencies seized by Homeland Security during an investigation into a suspected oil and gas investment scam. The Seattle US Attorney’s Office has filed a civil forfeiture action to claim the digital assets, which were allegedly used to launder proceeds from the fraudulent scheme. The funds were part of a $97 million scam that defrauded investors between June 2022 and July 2024. According to Acting US Attorney Teal Luthy Miller, the def...
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