FBI Seizes $1.7 Million in Crypto in Ongoing Crackdown

FBI has seized nearly $2 million in crypto assets within three months as its fight against crypto-related crimes intensifies.

FBI agent looking at a digital landscape.
Created by Gabor Kovacs from DailyCoin
  • FBI intensifies fight against crypto-related activities. 
  • The agency has listed the cryptocurrencies seized in the crackdown. 
  • Users have been warned to be wary of crypto-related scams. 

The U.S. Federal Bureau of Investigation (FBI) has seized $1.7 million in crypto assets in an ongoing crackdown. A public filing recently posted by the agency shows that it has taken hold of multiple cryptocurrencies from users suspected to have flouted various federal regulations in three months.

Notable cryptocurrencies seized and recorded in the filing include Bitcoin, Ether, Dai, Monero, and Tether. The law enforcement agency also confiscated fiat currency (U.S. dollar) from bank accounts, weapons, and luxury cars, among other items believed to be connected to illegal activities in the crypto space.

More Ethereum Confiscated Than Bitcoin and Tether

Notably, the FBI seized 428.5 Ethereum from four wallets in the Eastern District of Virginia, valued at around $800,00 at the time of confiscation. By contrast, 5.12 Bitcoins were also seized in different instances and were valued at $136,893.01 during the enforcement. The filing also revealed that $310,277 in Tether was forfeited by criminal suspects during the three months.

The Agency is on the Lookout for Criminals in the Industry

The FBI has been at the forefront of deterring crimes perpetrated in the crypto industry. Earlier on August 4, the investigative body issued a public statement warning internet users against criminals posing as NFT developers and preying on the innocent.

“Criminals either gain direct access to NFT developer social media accounts or create almost identical accounts to promote new NFT releases. Fraudulent posts often aim to create a sense of urgency, using phrases like ‘limited supply,’ and refer to the promotion as a ‘surprise’ or previously unannounced mint,” read the statement.

The agency also warned about fake crypto job offerings that force victims to commit investment fraud and lose their hard-earned money.  

Learn how the FBI helped recover millions of hacked funds from Axie Infinity:

Millions from Axie Infinity Hack Recovered by FBI and Norwegian Authorities

Here is how the FBI took down a notorious ransomware group: 

FBI Infiltrates Hive Ransomware Ring, Thwarting Over $130 Million in Crypto Ransom Demands

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.