US looks to grab $7.1M in crypto from oil and gas investment scam

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).