Cryptocurrency Organization, Romance Scam, California 2024

A sophisticated cryptocurrency scam organization has been disrupted after US authorities seized nearly $9 million in cryptocurrency linked to romance scams and cryptocurrency confidence scams, also known as 'pig butchering.'

According to the Justice Department, the seized funds were traced to cryptocurrency addresses allegedly associated with the organization, which exploited over 70 victims across the United States.

Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department's Criminal Division said, 'Through this significant seizure, we disrupted the financial infrastructure of an organized network of scammers who stole millions from victims across the United States.'

Argentieri added, 'These scammers prey on ordinary investors by creating websites that tell victims their investments are working to make them money. The truth is that these international criminal actors are simply stealing cryptocurrency and leaving victims with nothing.'

The US Attorney for the Northern District of California, Ismail J. Ramsey, said, 'This seizure is the culmination of the exceptional hard work and collaborative partnership between the Justice Department and the United States Secret Service.'

Silicon Valley remains one of the world's preeminent locations for cryptocurrency firms, and the US Attorney's Office remains dedicated to using all tools at its disposal to bring justice to the victims of frauds and scams.

The seized funds were linked to numerous victim reports made via the FBI's Internet Crime Complaint Center (IC3) and Federal Trade Commission's (FTC) Consumer Sentinel Network.

The US Secret Service (USSS) San Francisco Field Office investigated the case, and the US Attorney's Office for the Northern District of California is handling the seizure and forfeiture actions, led by Trial Attorney Georgiana MacDonald and Assistant U.S. Attorneys Chris Kaltsas and Galen Phillips.

The Justice Department would like to acknowledge Tether for its assistance in effectuating the transfer of these assets.

Defendant: Cryptocurrency Organization

Criminal Charges: Unspecified charges related to cryptocurrency scams and money laundering

City and State: San Francisco, California

Date: Not specified

Sentence or Outcome: Seizure of nearly $9 million in cryptocurrency

Dollar Amount: $9 million

Defendant's Real Full Name or Legal Entity Name: Cryptocurrency Organization (no specific entity named)

Source: https://www.justice.gov/usao-ndca/pr/cyber-scam-organization-disrupted-through-seizure-nearly-9m-crypto