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DoJ Recovers $112M in Crypto Stolen With Romance Scams

Authorities claw back funds from six crypto accounts they say were linked to a "pig-butchering" cybercrime ring.

Half a dozen cryptocurrency accounts, allegedly used to launder romance scam proceeds, have been seized by the Department of Justice.

The DoJ said in a statement that, in total, it seized more than $112 million in cryptocurrency that was being laundered through the accounts.

"Transnational criminal organizations are combining confidence scams with technological savvy to swindle Americans out of their hard-earned funds," Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department's Criminal Division said about the seizure. "Now that we have seized this virtual currency, we will seek to swiftly return it to victims."

They added, "In addition to our tireless efforts to disrupt these schemes, we must also work to raise public awareness and help inform potential victims: be wary of people you meet online, seriously question investment advice, especially about cryptocurrency, from people you have not met in person, and remember, investments that seem too good to be true, usually are."

Editors' Choice
Jai Vijayan, Contributing Writer, Dark Reading
Kelly Jackson Higgins 2, Editor-in-Chief, Dark Reading