Cryptocurrency Con artists Caught in $8.2 Million Online Romance Scam Bust

FBI and DOJ Seize $8.2 Million in Romance-Baiting Crypto Fraud Scheme

The United States Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) have seized a staggering $8.2 million in cryptocurrency, allegedly obtained through a romance-baiting crypto fraud scheme.

According to court documents, the scheme involved scammers posing as romantic partners online, gaining the trust of victims, and then convincing them to invest in cryptocurrency. The scammers would then use the stolen funds to purchase cryptocurrency, which was then laundered through various exchange platforms.

The investigation, which was led by the FBI's Los Angeles Field Office, began in 2020 after receiving complaints from victims who had lost significant amounts of money to the scheme. The FBI worked closely with the DOJ and other law enforcement agencies to track down the perpetrators and seize the stolen funds.

The seized cryptocurrency includes Bitcoin, Ethereum, and Litecoin, which were frozen and turned over to the court. The seized assets are valued at approximately $8.2 million.

"This significant seizure is a major victory in our ongoing efforts to combat cryptocurrency fraud and protect victims from these types of schemes," said Acting U.S. Attorney Tracy L. Wilkison. "We will continue to work tirelessly to track down and hold accountable those who engage in these types of illegal activities."

The investigation is ongoing, and authorities are working to identify and prosecute those involved in the scheme. The seized funds will be forfeited and used to compensate victims who were affected by the fraud.

This case serves as a reminder of the importance of being cautious when investing in cryptocurrency, especially if approached by someone claiming to be a romantic partner. It is essential to thoroughly research any investment opportunity and be wary of unsolicited offers or promises of unusually high returns.