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Federal investigators have recovered over $1 million worth of cryptocurrency, originally stolen from victims of fraudulent activities. The U.S. Attorney’s Office in Chicago declared on Friday the seizure of approximately $1.4 million in Tether cryptocurrency, intended for restitution to those defrauded in an alleged scam.
This event signifies one of the initial instances where the U.S. government has retrieved such assets from an unhosted virtual currency wallet. The FBI disclosed that the funds were recuperated during its ongoing probe into a fraudulent operation where perpetrators impersonate Microsoft or Apple employees and the victim’s bank to persuade them of a hacking incident.
The scheme initiates with a pop-up alerting victims of a compromised computer and urging them to contact Microsoft or Apple for assistance. Subsequently, the perpetrators convince victims that their financial accounts are jeopardized, advising them to transfer money from conventional bank accounts to cryptocurrency for safety from hackers.
These transferred funds end up in unhosted virtual currency wallets controlled by the scammers. One victim reported that the scammers provided a forged letter purportedly from the United States Federal Reserve, including a signature resembling that of Jerome Powell, its chairperson.
This victim stated that the scammers instructed him to install a digital currency wallet and software permitting remote access to his computers, facilitating the money transfers. The victim alleged that between $3-4 million was transferred under the direction of the scammers.
The fraudulent scheme primarily impacts elderly victims across the United States, with at least two known victims residing in the Northern District of Illinois, according to the Federal investigators.
The post <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com/119390/federal-investigators-recover-1-4m-linked-to-crypto-fraud-scheme/">Federal Investigators Recover $1.4M Linked to Crypto Fraud Scheme</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Federal Investigators Recover $1.4M Linked to Crypto Fraud Scheme

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