Federal prosecutors in Seattle have initiated a civil forfeiture action targeting approximately $7.1 million in cryptocurrency tied to an elaborate oil investment fraud. The scheme allegedly siphoned nearly $97 million from victims between June 2022 and July 2024, using digital assets to obscure financial trails.
According to the U.S. Attorney’s Office, perpetrators converted illicit proceeds into multiple cryptocurrencies—including Bitcoin, Tether, USD Coin, and Ether—to complicate tracking efforts. This conversion formed a core component of the money laundering operation designed to conceal the origin of fraudulently obtained funds.
The action follows the August 2024 indictment of a Nigerian-linked primary suspect, whose bank accounts previously yielded $2.3 million in seizures. Authorities position this case within a broader regulatory crackdown on cryptocurrency-enabled financial crimes, citing parallel investigations into schemes such as OmegaPro and a $900,000 Ponzi operation.
Law enforcement officials stress that timely victim reporting remains critical for successful asset recovery. The forfeiture request underscores ongoing efforts to combat sophisticated crypto-based financial fraud through coordinated legal measures.