New York authorities have announced the freezing of funds tied to a fraudulent scheme aimed at Russian-speaking residents through fake investment websites.
Overview of the Fraud Scheme
The scam involved buying Facebook ads that led victims to fraudulent cryptocurrency investment platforms. These sites falsely claimed to be licensed and displayed counterfeit credentials, including what appeared to be a BitLicense certificate.
Investigation Details
The investigation began in October 2023 after authorities identified Russian-language ads targeting communities in Brooklyn. The program included shutting down over 700 accounts tied to the scam. So far, $140,000 in cryptocurrency has been seized and an additional $300,000 has been frozen.
Other Cryptocurrency Fraud Cases
Additionally, a Russian national has been arrested for running a money laundering scheme involving over $530 million moved into the U.S. These events highlight the risks associated with online cryptocurrency investments.
These fraudulent cases serve as a reminder of the potential dangers associated with cryptocurrency investments and the need for awareness around risks.
