A scam that misled people into sending money to fake crypto platforms has led US officials to arrange a $7 million return to those affected.
According to a March 21 statement, the fraud involved carefully planned communication, where scammers reached out to individuals and gained their confidence. Once trust was built, they were directed to websites that looked like real crypto investment platforms but were actually set up to take their money.
The funds were moved across more than 75 different accounts tied to fake companies instead of being invested. The money was then transferred outside the US while disguised to appear as regular domestic transactions.
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When people tried to get their money back, they were met with new demands. They were told they had to pay additional fees, such as taxes, in order to withdraw their supposed profits.
In response, the US Secret Service stepped in and was able to recover some of the stolen funds in June 2023. A civil forfeiture case was filed in a US court to claim those funds, but the foreign bank holding the money also filed a claim. After legal talks, both sides agreed to a settlement that allowed $7 million of the seized money to be returned to the scam victims.
People who lost money in this case are asked to reach out to the Secret Service and file a petition if they want to recover what they can.
On March 13, the US Commodity Futures Trading Commission (CFTC) ordered Debiex, a crypto trading platform, to pay approximately $2.5 million. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
