US looks to grab $7.1M in crypto from oil and gas investment scam
Main Idea
The US is seeking to forfeit $7.1 million in crypto linked to an alleged oil and gas investment scam that defrauded victims of $97 million, with funds traced to individuals in Russia and Nigeria.
Key Points
1. The alleged scam operated between June 2022 and July 2024, with $97 million taken from victims.
2. Geoffrey Auyeung was indicted in August 2024 for buying Bitcoin, Tether, USDC, and Ether with fraud proceeds; $2.3 million was seized from his bank accounts.
3. Victims were defrauded of $17.9 million, and if the $7.1 million forfeiture is approved, reclaimed funds would total $9.4 million for distribution.
4. Separately, two OmegaPro promoters were charged for a $650 million fraud, and a former rugby player was sentenced for a $900,000 Ponzi scheme.
5. Hong Kong police arrested four individuals for defrauding investors of 3 million Hong Kong dollars ($382,000).
Description
Federal prosecutors in Seattle are looking to win forfeiture of millions worth of crypto tied to an investment scheme in the hope of distributing it to victims.
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