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U.S. Authorities Seize $7.1M in Crypto Linked to Oil and Gas Fraud Scheme
U.S. Authorities Seize $7.1M in Crypto Linked to Oil and Gas Fraud Scheme
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BTCCSquare news:
The U.S. Department of Justice has intensified its crackdown on cryptocurrency-related fraud, targeting a $97 million scheme involving fake oil and gas storage investments. Federal prosecutors filed a civil forfeiture action for $7.1 million in digital assets traced to the operation—funds allegedly laundered through multiple crypto accounts.
Homeland Security Investigations seized the assets in December 2023 after uncovering the plot, which ran from August 2022 to August 2024. Victims were duped into sending funds to escrow accounts purportedly for oil tank storage in Rotterdam or Houston. "We moved swiftly to trace these assets and provide restitution," said Acting U.S. Attorney Teal Luthy Miller.
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