New York Disrupts Cross-Border Crypto Scam as Meta Shuts 700 Accounts

New York Attorney General Letitia James has frozen $300,000 in cryptocurrency tied to an international fraud scheme targeting Russian-speaking residents. The operation, which lured victims through deceptive Facebook ads, resulted in over $1 million in losses in Brooklyn alone.

Scammers based in Vietnam used Russian-language ads to promote fake crypto investment platforms. Victims were shown fabricated account growth before being cut off after paying purported taxes or withdrawal fees. Meta disabled 700 accounts linked to the campaign following authorities' alerts.

More than 300 individuals fell victim to the scheme, with investigators proactively warning potential targets. The coordinated investigation involved New York's Attorney General, Brooklyn DA, and Department of Financial Services.