FBI Seizes $1.7M During 3-Month Crypto Operation

During a 3-month operation from March to May, the FBI seized $1.7m worth of cryptocurrencies, including virtual assets and cash, to combat money laundering. 

The FBI conducted an intensive 3-months operation to stop money laundering and seized $1.7m worth of cryptocurrencies. The seized assets included a variety of crypto coins, including Dai, Bitcoin, Ether, Tether and Monero. The agency backtracked these coins to different wallet locations and sources.

The most significant recovery so far was made by law enforcement in the Eastern District of Virginia, where they successfully seized a record-breaking amount of 428.5 ETH. Each one of the captured Ether coins holds a value of over $463,000. The FBI has accelerated the process against criminals because of the rising misuse of these digital assets’ accompanying governmental restrictions.

Due to the anonymous nature of cryptocurrency transactions, it has become relatively easier for money launderers to hide illicit money trails. The agency’s intervention seized assets since they may be related to illegal activity. Furthermore, the FBI warned against cryptocurrency scams and imposters, which can create virtual art and fraudulent jobs to obtain digital assets illegally. This operation highlights the efforts of the FBI to combat money laundering and illicit activities

Suggested Reads:

FBI SPRINGFIELD WARNS OF GROWING FRAUD TARGETTING THE ELDERLY

FBI AND THE U.S. MARSHALS SERVICE WARN OF PREVAILING TELEPHONE SCAMS

FBI WARNS OF TECH SUPPORT SCAMMERS COMPROMISING FINANCIAL ACCOUNTS