STAY VIGILANT STAY #SAFU

According to Cointelegraph, the United States Department of Justice (DOJ) has announced the seizure of more than $225 million in cryptocurrency by the Secret Service, linked to fraudulent investment schemes. The DOJ filed a civil forfeiture complaint against the assets, which were allegedly involved in money laundering activities stemming from these scams. In the U.S. legal system, such complaints target the assets themselves rather than the individuals connected to them.Interim U.S. Attorney for the District of Columbia, Jeanine Pirro, stated that the funds would be used to compensate victims of the scams. Although specific details about the investment schemes remain unclear, the complaint suggests that over 400 individuals fell victim to fake cryptocurrency schemes, resulting in significant financial losses. Tether, a stablecoin issuer, was acknowledged by the DOJ for its assistance in the investigation. Tether's blog post described the fraud as "pig butchering," a scam where victims are persuaded to invest increasingly larger sums of money over time.A report from the Federal Bureau of Investigation’s Internet Crime Complaint Center highlighted the severity of crypto investment fraud, with reported losses exceeding $5.8 billion in 2024. The report further indicated that Americans lost more than $9.3 billion in scams involving digital assets during the same year. The DOJ's announcement coincided with actions taken by New York officials, who seized $140,000 and froze another $300,000 linked to a cryptocurrency scam using fake social media ads. This scheme resulted in over $1 million in losses and affected more than 300 victims.During a press conference, Pirro avoided questions regarding whether the DOJ would similarly investigate U.S. President Donald Trump's connections to the cryptocurrency industry. She referenced the recent passage of the GENIUS Act, aimed at regulating stablecoins, but emphasized the DOJ's focus on protecting individuals from losing their life savings to scams. The crackdown on cryptocurrency fraud reflects a broader effort to address the growing issue of digital asset-related crimes across the nation.