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DOJ Seeks to Return Millions in Crypto to Alleged Victims of $97M Oil and Gas Scheme
DOJ Seeks to Return Millions in Crypto to Alleged Victims of $97M Oil and Gas Scheme
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BTCCSquare news:
Geoffrey Auyeung of Newcastle, Washington, faces indictment for allegedly laundering proceeds from a fraudulent oil and gas investment scheme. The DOJ has traced and seized $7.1 million in cryptocurrency linked to the $97 million cross-border fraud, which promised investors profits from oil tank storage leases in Houston and Rotterdam.
Funds were routed through U.S. banks, offshore accounts, and at least 19 crypto wallets, with some tied to exchanges in Russia and Nigeria. Blockchain forensics played a key role in recovering assets and identifying international connections. The case underscores cryptocurrency's dual role in both facilitating and exposing sophisticated financial crimes.
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