FBI Seizes Over $6 Million in Cryptocurrency from Southeast Asian Scammers Targeting U.S. Citizens

The FBI has seized over $6 million in cryptocurrency from scammers in Southeast Asia who targeted U.S. citizens.

In a recent post on X, the FBI shared this significant update. They took action against scammers using crypto confidence schemes to defraud people in the United States.

Chad Yarbrough from the FBI’s Criminal Investigative Division stated, “These types of schemes are devastating, and they’re impacting thousands of Americans every day.” He highlighted how victims have lost millions, even taking out second and third mortgages, all in hopes of finding the next big investment opportunity. The seizure shows that the FBI is committed to stopping these fraudsters.

So, what are crypto confidence schemes? They often involve scammers reaching out to victims through dating apps, text messages, or professional meet-up groups. They build trust and then lure victims into depositing funds on fake crypto websites with promises of high returns.

The U.S. Department of Justice explained that these scammers create a false sense of legitimacy. They let victims withdraw small amounts of profit at first, encouraging them to invest more. But eventually, victims find themselves locked out of their accounts. Meanwhile, the scammers transfer the funds to their own wallets.

The FBI tracked down multiple cryptocurrency wallet addresses that held the $6 million in victim funds.

U.S. Attorney Matthew M. Graves emphasized, “In these scams, fraudsters trick U.S. citizens into believing they are transferring funds to cryptocurrency investment opportunities when, in fact, they are just unwittingly turning their money over to the fraudsters.” He reassured the public that the FBI and its partners will do everything possible to recover the stolen funds and hold these criminals accountable.