𝗨𝗦 𝗧𝗮𝗿𝗴𝗲𝘁𝘀 $𝟳.𝟭𝗠 𝗶𝗻 𝗖𝗿𝘆𝗽𝘁𝗼 𝗧𝗶𝗲𝗱 𝘁𝗼 𝗚𝗹𝗼𝗯𝗮𝗹 𝗢𝗶𝗹 𝗙𝗿𝗮𝘂𝗱
The US government is moving to seize $7.1 million in crypto linked to a worldwide oil and gas investment scam that tricked investors out of millions.
According to the Seattle US Attorney’s Office, Homeland Security seized the funds in December 2024. This is part of a larger fraud that allegedly raised $97 million from June 2022 to July 2024 by promising high returns from oil tank storage investments — but after investors paid, the fraudsters disappeared.
⬛ How the scam worked
❗ Victims’ money was turned into BTC, ETH, USDT, and USDC, then moved through accounts tied to people in Russia and Nigeria.
❗ A large chunk of the crypto ended up on Binance, the world’s biggest exchange.
One man, Geoffrey Auyeung, was charged in August 2024 for receiving most of the stolen funds and converting them into crypto. US officials also seized $2.3 million from his bank accounts at that time.
⬛ More victims & more money tracked
So far, prosecutors have identified about $17.9 million in losses, but expect more victims to come forward.
If the court approves the $7.1M seizure, the total recovered would rise to $9.4 million, which could help pay back those harmed.
⬛ Part of wider crackdown
This isn’t the only case making headlines:
Promoters of OmegaPro were charged in a $650 million fraud.
Ex-rugby player Shane Donovan Moore was sentenced for a $900,000 Ponzi scheme.
In Hong Kong, four arrests were made in a $382,000 investor scam, though the main suspect fled.
✅ Takeaway:
Old scams find new life in crypto — but global enforcement is catching up fast. Always research before investing, and be cautious with offers promising big returns!