TechFlow Market news — The U.S. Department of Justice (DOJ) announced it has seized $112 million worth of digital assets linked to cryptocurrency investment scams. Additionally, judges in the District of Arizona, Central District of California, and District of Idaho have authorized the seizure of six cryptocurrency accounts.
According to court documents, these cryptocurrency accounts were allegedly used to launder proceeds from various crypto fraud schemes. In the related scams, perpetrators gradually gained victims' trust through communication channels such as social media, dating sites, phone calls, and text messages. Eventually, the criminals persuaded victims to invest on fake cryptocurrency platforms, then transferred the stolen funds to their own addresses.
The U.S. Department of Justice noted that in 2022, investment fraud caused the highest financial losses among all scams reported to the FBI’s Internet Crime Complaint Center (IC3), totaling $3.31 billion. Cryptocurrency-related frauds—including "pig-butchering" scams—accounted for the majority of these incidents, with reported losses rising 183% from 2021 to last year, reaching $2.57 billion.
