The U.S. Department of Justice announced on May 23 the seizure of over $868,247 in digital currencies as part of its investigations into a fraud network that exploited fake romantic relationships to deceive victims. The perpetrators relied on text messaging and dating apps to build victims' trust, then urged them to invest their money in fake cryptocurrency platforms promising fantastic returns.
The fraudulent platforms offered fake profits to attract larger investments, while all the money was transferred to digital wallets controlled by the scammers. In some cases, victims were allowed to withdraw a portion of the 'profits' early to enhance credibility, before their access to their funds was later blocked with various justifications.
Tether participated in facilitating the transfer of seized funds, according to the ministry. Authorities also announced the recovery of an additional $2.5 million from similar fraud schemes through FBI investigations in San Diego. The ministry urges victims to report such crimes through the federal electronic crime complaint center.#BTCBreaksATH110K