🚨 $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.