#CryptoStocks

🐷🐳Fall for a Crypto Scam? The FBI Might Help You Get Your Money Back💵

In a rarity, the US is moving to claw back $225 million that victims lost to cryptocurrency investment scams, which continue to hit unsuspecting consumers.

On Wednesday, the Justice Department filed a civil forfeiture complaint in a US district court to recover $225.3 million in Tether cryptocurrency from seven virtual currency addresses. The goal is to return the funds to the rightful owners; the list includes at least 430 victims, according to the Justice Department’s complaint.

Cryptocurrency exchange OKX contacted law enforcement about a large network of virtual currency accounts that appeared to be laundering the stolen funds. “Law enforcement interviewed approximately 60 of those victims, who collectively lost approximately $19 million in cryptocurrency to scammers,” the Justice Department’s 75-page complaint says.

The $225 million is only a fraction of the billions US consumers have lost to cryptocurrency investment schemes, also known as pig butchering. The scams can often arrive as a text message or an online chat from a stranger, who’s seeking friendship or even a romantic relationship. The scammer will then build up a rapport with the victim before manipulating them into investing in a fake cryptocurrency investment scheme that's actually a vehicle to steal their funds.