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Forfeiture of $7.1 Million in Cryptocurrency: The Details of the Fraud Scheme

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by Giorgi Kostiuk

12 hours ago


The US has initiated forfeiture of $7.1 million in cryptocurrency seized during an investigation into a fraudulent investment scheme tied to the oil and gas sector.

Summary of the Fraud Scheme

In December 2024, the US Department of Homeland Security seized $7.1 million in cryptocurrency as part of an investigation into a fraudulent scheme that operated from June 2022 to July 2024. Authorities believe the perpetrators used cryptocurrency accounts to launder money stolen from investors.

Charges and Arrests

One of the key figures is Geoffrey Auyeung, who was indicted in August 2024 for allegedly laundering the stolen funds. He is accused of purchasing Bitcoin, Tether, USDC, and Ether with illicit proceeds and sending much of the crypto to Binance. At the time of his arrest, authorities seized nearly $2.3 million from his bank accounts.

Investor Protection Measures

Prosecutors have already identified victims who lost $17.9 million. It is expected that if the forfeiture of $7.1 million is approved, the total reclaimed funds will rise to $9.4 million, which will then be distributed to verified victims. This action reflects a broader crackdown by US regulators on crypto-related fraud.

The latest US action underscores the government's commitment to recovering assets tied to crypto fraud while enhancing protections for investors in a rapidly evolving digital asset market.

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