Dismantling the largest digital fraud network: American authorities seize $225 million in stolen cryptocurrencies
$BTC In one case, the Attorney General of the District of Columbia filed a civil lawsuit in federal court, aiming to seize assets traced to an advanced international network for fraud and money laundering, which used digital wallets in complex operations to conceal the source of the funds.
According to the department, the majority of the seized funds were held in Tether (USDT), a stablecoin backed by the US dollar. The company “Tether” assisted in freezing the assets and collaborated with the Federal Bureau of Investigation (FBI) and the United States Secret Service, after it became clear that these balances were derived from the proceeds of extensive investment fraud schemes.
These schemes, operated online, targeted hundreds of victims from various countries around the world, convincing them to invest their money in fake cryptocurrency projects, before their funds were completely withdrawn. The Department of Justice revealed that the number of victims exceeded 400 individuals.
This case is part of a serious escalation in fraud linked to digital currencies, as a report from the FBI indicated that the total losses from these crimes exceeded $9 billion in 2024 alone, with more than half resulting from “pig butchering” schemes.