US Authorities Seize Over $6 Million In Cryptocurrency Linked To Southeast Asian Fraud Scheme

According to Foresight News, U.S. authorities have confiscated more than $6 million in cryptocurrency connected to a fraudulent investment scheme orchestrated by Southeast Asian criminal organizations. The perpetrators targeted American individuals, manipulating victims through fake cryptocurrency platforms. The U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) utilized blockchain tracing to recover these funds. The DOJ reported that these scams resulted in losses exceeding $2 billion in 2022 alone, with the trend worsening. The FBI is continuing its investigation with the assistance of international partners and Tether to recover the stolen funds. Several U.S. attorneys, including members of the National Cryptocurrency Enforcement Team, are prosecuting the case.