Seized Bitcoin Triples in Value, Helping Fraud Victims Recover Losses
Author: Content Editor
Law enforcement has seized $900,000 worth of bitcoin from a Nigerian fraud scheme and the value of the cryptocurrency has since tripled. The funds will be used to reimburse victims of a $1 million scam, with each of the ten victims potentially being made whole. The fraud involved infiltrating systems handling real estate transactions and diverting large sums of money intended for mortgage and property payments. The stolen funds were laundered through various bank accounts and consolidated into a cryptocurrency wallet controlled by the fraudsters in Nigeria. The swift action by law enforcement ensured the seizure of the bitcoin, preserving its value for the victims. US Attorney Tessa M. Gorman praised the collaborative effort and highlighted the importance of civil forfeiture in assisting victims of cyber-enabled fraud.