US Feds File Suit to Forfeit $7.1M in Crypto With Ties to Oil and Gas Storage Fraud
The U.S. Department of Justice is cracking down on yet another cryptocurrency fraud ploy.
The losses amount to tens of millions, and it’s expected that more will be identified.
An Elaborate Scheme
The U.S. Attorney’s Office in the Western District of Washington filed a civil action on Tuesday, demanding the forfeiture of cryptocurrency assets valued at roughly $7.1 million. The funds were seized during an investigation into a scheme involving fraudulent investment in oil and gas, which Acting U.S. Attorney Teal Luthy Miller announced.
The assets are only a fraction of the $97 million obtained by coconspirators between June 2022 and July 2024, which Homeland Security Investigations seized in December last…
