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US uses first-of-its-kind email seizure to disrupt $5M crypto scam

Author: Content Editor
Summary:

The Virtual Currency Unit, a crypto police unit based in Brooklyn, has seized an email list belonging to a scam network and used it to warn over 1,200 potential victims. The network, operating under the name "stocks-finance.com", targeted the Russian community in Brooklyn and is estimated to have made $1 million from victims in the borough and $5 million throughout the US. The investigation led to the shutdown of 70 fraudulent domains, and the Brooklyn District Attorney's office was able to take control of the server, cutting off the scammers from their victims. The focus of the investigation is on disruption and education, as recovering lost funds from overseas scams is often impossible. This is the second recent success for the police crypto unit, as they previously shut down 40 phony NFT marketplaces after being alerted by an 85-year-old painter who had lost their life savings.

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