Staff Reports
Tuesday marked a major development for the Department of Justice, which announced that it had seized cryptocurrency worth nearly $9 million from a group of criminal actors. At least seventy individuals across the nation were duped by these swindle artists via romance and pig butchering schemes. Are you able to trust it? By establishing friendships with their victims via text messages, these offshore criminals persuaded them to invest tens of thousands of dollars in illegitimate cryptocurrency companies. It's as though they literally lifted a page from a poor movie! They initially gave the impression that their victims were profiting, but then vanished with the majority of the investment. Consider that a heartless swindle!
DOJ seizes nearly $9 million in #Crypto 'pig butchering' and romance scams – Washington Examiner https://t.co/VYQsYgdmHr pic.twitter.com/wAMizORkRk
— Stock Market News (@Stock_Market_Pr) November 23, 2023
Currently, these cyber con artists target the elderly or individuals with surplus funds. In order to maximize their return on investment, they possess precise knowledge of which individuals to target. Their strategies leave their victims not only monetarily but also psychologically devastated. The Department of Justice intervened and thankfully disrupted this entire network of con artists. Acting Assistant Attorney General Nicole M. Argentieri stated, "By disrupting an organized network of con artists' financial infrastructure, we were able to steal millions of dollars from victims throughout the United States." Someone should immediately put an end to these criminals! They fabricate websites in order to deceive their victims into believing they are earning money when, in reality, they are committing blatant theft.
Particularly remarkable is the Secret Service's ability to decipher the riddle and locate the pilfered funds. Upon tracing the deposits of the victims, they discovered that the money was being laundered via a multitude of cryptocurrency addresses. These perpetrators erred in their belief that they could conceal the origin of the funds and escape punishment. The United States will not tolerate such conduct. U.S. Attorney Ismail J. Ramsey stated, "We remain committed to ensuring that the victims of frauds and scams receive justice by utilizing every available resource." We will not cease until the criminals are apprehended and justice is served, even if they are located in a foreign nation.
Furthermore, the United States has taken similar measures against the cryptocurrency industry in the past. A case recently concluded in favor of federal prosecutors against Sam Bankman-Fried, the inventor of the cryptocurrency exchange FTX. An enormous $8 billion was stolen from his clients. It is among the most massive financial frauds in the history of the United States. It is therefore crucial that the government maintain a vigilant oversight of these particular categories of enterprises. We cannot permit fraudsters to operate unabatedly.
In summary, the Department of Justice's successful apprehension of these fraud artists and recovery of the pilfered cryptocurrency merits a standing ovation. The outcome signifies triumph for the victims and serves as a deterrent to potential offenders. Until justice is served and the hard-earned money of its citizens is safeguarded, the United States will not rest.
