US Feds File Suit to Forfeit $7.1M in Crypto With Ties to Oil and Gas Storage Fraud
Main Idea
The U.S. Department of Justice has seized $7.1 million in cryptocurrency linked to a fraudulent oil and gas investment scheme, with charges filed against a coconspirator.
Key Points
1. The U.S. Attorney’s Office in the Western District of Washington filed a civil forfeiture action for roughly $7.1 million in cryptocurrency.
2. The funds were part of a fraudulent investment scheme involving oil and gas, with investigations spanning from June 2022 to July 2024.
3. Geoffrey K. Auyeung, a resident of Newcastle, Washington, was indicted as a coconspirator and charged with receiving the majority of the funds.
4. The money was funneled into cryptocurrencies like Bitcoin, USDT, USDC, and Binance exchange, with some linked to individuals in Russia and Nigeria.
5. At the time of Auyeung’s arrest, $2.3 million was seized from his bank accounts, in addition to the $7.1 million in crypto.
Description
The U.S. Department of Justice is cracking down on yet another cryptocurrency fraud ploy. The losses amount to tens of millions, and it’s expected that more will be identified. An Elaborate Scheme The U.S. Attorney’s Office in the Western District of Washington filed a civil action on Tuesday, demanding the forfeiture of cryptocurrency assets valued at roughly $7.1 million. The funds were seized during an investigation into a scheme involving fraudulent investment in oil and gas, which Acting U....
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