PANews reported on March 23 that according to News.bitcoin, the U.S. Department of Justice (DOJ) announced on March 21 that $7 million in proceeds from a cryptocurrency investment fraud scheme had been recovered, and now has begun inviting victims to submit petitions to repatriate the funds. Authorities said: "These fraudulent websites imitate legitimate cryptocurrency investment platforms, but remit victims' funds to the perpetrators through more than 75 bank accounts opened in the name of shell companies." Victims were misled into believing that the value of their investments was increasing, but in fact, the proceeds were fabricated.
After laundering the money through a complex series of domestic and international transactions, the perpetrators ultimately moved the funds overseas. In June 2023, the U.S. Secret Service seized funds from a foreign bank account, prompting the Department of Justice to file a civil forfeiture lawsuit. After the foreign bank filed a claim, the two parties reached a settlement that resulted in $7 million being forfeited to the United States.
