Justice Department Seizes $938M in Scam-Linked Cryptocurrency
- The Justice Department’s Scam Center Strike Force has restrained approximately $938 million in scam-linked cryptocurrency.
- A recent operation seized $52 million from a marketplace operating on Telegram, focusing on Xinbi and related vendors.
- Xinbi allegedly facilitated over $24 billion in transactions since its inception, with reported use by North Korean hackers.
- Authorities seized two payment wallets holding approximately $12 million and targeted an additional 47 cryptocurrency wallets linked to money laundering.
- U.S. investigators assisted Madagascar authorities in targeting Chinese-run scam centers, processing over 3,200 electronic devices.
The crackdown highlights the extensive reach of organized fraud networks using platforms like Telegram for illicit activities. The Justice Department’s actions underscore the ongoing efforts to dismantle these networks and recover funds linked to scams.
By restraining nearly $938 million in scam-related cryptocurrency, authorities aim to disrupt fraudulent operations and deter future criminal activities within the digital asset space. (Source)
