US Prosecutors Seek Bitcoin Forfeiture Linked to Alleged $97M Oil Investment Fraud Scheme
Main Idea
Seattle prosecutors are seeking to forfeit $7.1 million in cryptocurrency linked to a fraudulent oil investment scheme that collected nearly $97 million from victims, as part of a broader crackdown on crypto-related financial crimes.
Key Points
1. The US Attorney’s Office in Seattle filed a civil forfeiture action to seize $7.1 million in cryptocurrency tied to an alleged investment fraud operating from June 2022 to July 2024.
2. The scheme collected nearly $97 million from victims, with funds converted into cryptocurrencies like Bitcoin, Tether, USD Coin, and Ether to obscure the money trail.
3. A key suspect, linked to Nigeria, was indicted in August 2024, with authorities seizing $2.3 million from his bank accounts.
4. This case is part of a wider regulatory crackdown on crypto-enabled financial crimes, including other high-profile fraud cases like OmegaPro and a $900,000 Ponzi scheme.
5. Authorities emphasize the importance of victims reporting fraud promptly to aid asset recovery efforts.
Description
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