Dirty Crypto: $9 Million In Tether Seized By Feds In Silicon Valley

2023-11-23 16:00

Federal investigators had confiscated $9 million worth of crypto connected to a Silicon Valley-based cyber scam group that had taken advantage of over 70 victims, the US Attorney’s Office for the Northern District of California disclosed on Tuesday.

The intercepted funds were in the form of stablecoin Tether which is pegged to the U.S. dollar, and successfully traced back to addresses that are purportedly linked to an entity engaged in the exploitation of unsuspecting individuals through romance and confidence scams involving cryptocurrencies, commonly referred to as “pig butchering.”

Deceptive Tactics Of The Cyber Fraud Group

A pig butchering scam refers to a fraudulent scheme wherein individuals with malicious intent engage in online interactions to establish a sense of confidence with their targets, subsequently persuading them to invest in digital currency platforms.

According to court documents, members of the cyber fraud group tricked their victims into depositing cryptocurrency by pretending to be trusted companies. It was only after that the victims discovered these purported businesses and bitcoin exchanges are fictitious online marketplaces.

Acting Assistant Attorney General Nicole M. Argentieri emphasized that these criminals were not generating profits for investors but rather stealing their money, leaving victims with substantial losses.

She said this intervention represents a significant disruption to the organized network’s financial infrastructure, highlighting the ongoing efforts to combat fraudulent activities in the realm of cryptocurrency and protect investors from falling prey to deceptive schemes.

“The truth is that these international criminal actors are simply stealing cryptocurrency and leaving victims with nothing,” Argentieri said.

US Attorney Ismail J. Ramsey for the Northern District of California credited the seizure as the result of extensive effort and a cooperative partnership between the Justice Department and the United States Secret Service.

Over $3 Billion Lost To Scams In The US

Emphasizing Silicon Valley’s status as a global hub for cryptocurrency firms, Ramsey reaffirmed the commitment to deploying all available resources “in the pursuit of justice” for fraud and scam victims. Ramsey underscored the determination to collaborate with partners to seize illegal proceeds from cybercriminals, even when the funds and perpetrators are located abroad.

Tether Limited Inc., according to the US Attorney’s Office, participated in the seizure of the cryptocurrencies from the cyber fraud gang.

Based on latest data from CoinMarketCap, Tether’s market capitalization is third among cryptocurrencies, behind Bitcoin and Ethereum. As of Tuesday, its market volume was over $44.7 billion.

Meanwhile, the FBI reports that over $3.3 billion in losses occurred in the United States as a result of investment scams last year, but experts claim that many victims are too ashamed to disclose their losses.

Featured image from Pixabay

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0.0095806 (+7.58%)
Объем 24H $0
Изменеия 24h: 2.35 %, 7d: -7.78 %
Cегодня L: $0.0086651 - H: $0.0095806
Капитализация $183.154k Rank 1690
Доступно / Всего 19.117m EMD / 32m EMD

had silicon crypto million attorney advantage victims

Источник: bitcoinist.com

had silicon → Результатов: 34


Binance CEO CZ ‘Banks are a risk to fiat-backed stable coins’ in reaction to SVB, USDC Depegging

CZ, the CEO of Binance, has suggested purchasing the ailing Silicon Valley Bank, which entered into a Federal receivership on March 10 after it had been exposed due to risky lending practices. The post Binance CEO CZ ‘Banks are a risk to fiat-backed stable coins’ in reaction to SVB, USDC Depegging appeared first on CryptoSlate.

2023-3-13 22:18


Фото:

What the fax?

Every nation has its quirks, and it could be argued that the U. S. has more than its fair share, but what stands out the most to me – as a tech journalist who recently made the move across the pond – is that in many ways, the nation of Silicon Valley is still stuck in the 90s.

2019-4-5 05:05


Фото:

What the Fax?

Every nation has its quirks, and it could be argued that the U. S. has more than its fair share, but what stands out the most to me – as a tech journalist who recently made the move across the pond – is that in many ways, the nation of Silicon Valley is still stuck in the 90s.

2019-4-5 05:05


Blockchain Business in Crypto Valley Has Doubled Since Last Year: Report

The number of blockchain-related companies in Switzerland and Liechtenstein has doubled in the last year, according to a new study published by CV VC. The Zug-based firm, in partnership with Strategy& (PwC’s global consulting arm) and inacta, compiled information about the top 50 blockchain and digital asset companies between the two countries.

2018-10-11 00:18


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Dark Bling: Heir To Jewelry Giant Cartier Indicted In Cocaine And Crypto Scandal

Maximilien de Hoop Cartier, heir to the famed jewelry dynasty, was arrested by US authorities for allegedly laundering millions of dollars for a Colombian drug cartel. Cartier, who primarily resides in France but holds Argentine citizenship, now faces a slew of charges related to money laundering and unlicensed money transmission. Related Reading: Bitcoin Bull Michael […]

Bitfinex CTO Dispels FUD, Refutes Data Breach By Ransomware Group

In an interesting turn of events, Bitfinex chief technology officer (CTO) Paolo Ardoino has dismissed rumors of the exchange being involved in a large-scale data breach. This came in response to claims of a significant security breach by the hacking group FSOCIETY a little over a week ago. On April 26, FSOCIETY claimed on its […]

Tether reports record $4.52 billion Q1 profit

Tether Holdings Limited reports a Q1 net profit of $4.52 billion and a net equity of $11.37 billion, highlighting its financial growth and stability. The post Tether reports record $4.52 billion Q1 profit appeared first on Crypto Briefing.

Tether invests $200 million in biotech firm Blackrock Neurotech

Tether has announced a $200 million investment in Blackrock Neurotech, a leading Brain-Computer-Interface (BCI) technology company. The strategic investment, completed via Tether’s newly-launched venture unit Tether Evo, means the stablecoin issuer is now the majority stakeholder in Blackrock Neurotech, according to details in a press release.