🚨 $7.1M Crypto Fraud Busted! U.S. targets Oil Scheme Mastermind Geoffrey K. Auyeung 💸⚖️
👤 Who is Geoffrey K. Auyeung?
Geoffrey K. Auyeung is a 47-year-old U.S. citizen from Newcastle, Washington, with a background in finance and investment consulting. He posed as a legitimate oil and gas investor to build trust with victims, while secretly running a multi-million-dollar cryptocurrency-based laundering scheme.
📅 Timeline of the Fraud & Legal Action
■Fraud Period: August 2022 – August 2024
■Arrest & Indictment: August 2024
■Civil Forfeiture Action Filed: July 22, 2025
■Trial Scheduled: October 2025
■Charges: Money laundering, Wire fraud, Securities fraud
Seizures:
■$2.3 million in fiat assets seized at arrest
■$7.1 million in cryptocurrency seized in December 2024
■Funds linked to wallets traced to Russian and Nigerian IP addresses
■Total Fraud Amount Identified: At least $17.9 million, with more victims expected
💼 Modus Operandi: How the Scheme Worked?
1. Fake Investment Front: Victims were promised high returns by investing in oil tank storage in Rotterdam (Netherlands) and Houston (USA).
2. Escrow Scam: Money was funneled into accounts tied to fake entities.
3. Crypto Laundering: Funds were routed through 81 financial accounts, including 19 cryptocurrency wallets, to purchase and transfer crypto such as: Bitcoin (BTC), Tether (USDT), USD Coin (USDC) and Ethereum (ETH)
4. Cross-Border Flow: Assets were further funneled through exchanges in Russia and Nigeria, some allegedly linked to terrorist financing and international sanctions violations.
5. Silence & Vanish: Once investors wired money, the fraudsters stopped communicating entirely.
⚖️ Why It Matters?
■Demonstrates the growing sophistication of crypto fraud
■Highlights international laundering networks using crypto exchanges
■Shows law enforcement’s increased ability to trace and seize digital assets
■Establishes precedent through civil forfeiture in crypto-related cases
■October 2025 Trial could shape the future of crypto-related prosecutions.
