The FBI is working to return $8.2 million in seized cryptocurrency to victims of a widespread crypto fraud scheme. A DOJ forfeiture criticism goals to redistribute the recovered USDT funds.
Federal authorities are shifting to return greater than $8.2 million in seized cryptocurrency to victims of a large-scale funding fraud scheme. The USA Lawyer’s Workplace for the Northern District of Ohio has filed a civil forfeiture criticism to reclaim 8,207,578 tether (USDT) obtained by means of an FBI investigation into misleading crypto scams.
FBI Identifies 33 Victims in Widespread Crypto Fraud
The U.S. Department of Justice (DOJ) introduced on Feb. 28, 2025, that the FBI has recognized 33 victims throughout the nation who collectively misplaced $4.9 million to fraudulent cryptocurrency schemes. Moreover, investigators found 5 extra affected accounts, bringing the overall sufferer losses to roughly $6 million.
Based on courtroom paperwork, scammers focused victims utilizing misleading textual content messages to achieve their belief earlier than persuading them to spend money on fraudulent crypto platforms. As soon as the victims transferred their funds, they discovered themselves unable to withdraw their cash and had been usually met with fabricated tax calls for or threats.
FBI Traces Stolen Crypto Via Blockchain Evaluation
One sufferer, a lady from Lake County, Ohio, misplaced her complete life financial savings of $663,352 after a scammer posing as a pal satisfied her to spend money on a fraudulent crypto buying and selling platform. She was coerced into transferring cash by way of Crypto.com earlier than realizing the rip-off and reporting it to the FBI’s Web Crime Criticism Middle.
Federal brokers carried out blockchain evaluation, tracing the stolen property to 3 cryptocurrency addresses. This led authorities to grab the USDT tokens in November 2024 with the help of Tether Restricted. The funds had been transferred to a regulation enforcement-controlled pockets as a part of the investigation.
DOJ Strikes to Return Seized Crypto to Victims
On Feb. 27, 2025, the DOJ filed a civil forfeiture criticism to achieve authorized authority over the seized property. If profitable, the U.S. authorities plans to redistribute the recovered funds to victims.
“If profitable on this forfeiture motion, the US would search to return the stolen funds to the victims,” the DOJ said.
The criticism additional argues that extra property held in fraudulent accounts had been acquired by means of unlawful means and also needs to be forfeited and returned. Whereas the case should undergo authorized proceedings, the Justice Division’s main aim is to compensate those that had been scammed.
Subsequent Steps for Victims
Victims of cryptocurrency scams are urged to report fraudulent exercise to the FBI’s Internet Crime Complaint Center (IC3) to help ongoing investigations. Because the forfeiture course of unfolds, authorities will work to make sure affected people obtain their recovered funds.
