Rui Xiang Lin, a 23-year-old known by his alias "Faron," was apprehended at JFK Airport and has been charged with operating Incognito Market, a darknet drug operation valued at $100 million.
Unmasking Through Cryptocurrency
The FBI successfully traced cryptocurrency transactions to uncover Lin's true identity. This digital trail provided crucial evidence of his involvement in the illicit market.
Following the Financial Trail
Prosecutors in Manhattan underscored how Lin transferred funds from the market's digital wallet to his personal exchange account, solidifying his connection to the operation.

Crucial Testimony
Mark Reubens, an officer from the FBI task force, testified that the cryptocurrency transactions led directly to Lin, firmly linking him to the darknet platform.
Facing Federal Charges
Lin is now facing serious federal charges, representing a significant victory in the ongoing battle against darknet criminal activities.
This case highlights the evolving techniques law enforcement employs to combat cybercrime and the persistent challenges posed by the darknet and cryptocurrency.
#darknet #cryptocruncy2024 #FBI $BTC $ETH

The US Department of Justice has announced the seizure of cryptocurrency worth an estimated $112 million linked to cryptocurrency investment scams. The seizure warrants for six cryptocurrency accounts were authorized by judges in Arizona, California, and Idaho.

According to court documents, the cryptocurrency accounts were used to launder proceeds of various cryptocurrency confidence scams. Fraudsters cultivated long-term relationships with victims online, eventually enticing them to make investments in fraudulent cryptocurrency trading platforms. However, the funds sent by victims for these purported investments were instead funneled to cryptocurrency addresses and accounts controlled by scammers and their co-conspirators.

The majority of investment frauds reported to the FBI’s Internet Crimes Complaint Center (IC3) in 2022 involved cryptocurrency, including pig butchering. These scams increased by 183% from 2021 to $2.57 billion in reported losses last year.

Scammers often target victims between the ages of 30 and 49 through social networking and online communications platforms, dating websites, and phone calls and text messages that are meant to appear to have been misdialed. After gaining their trust, scammers introduce the idea of trading in cryptocurrency and direct victims to fraudulent investment platforms or to co-conspirators posing as investment advisors or customer service representatives.

Director Eun Young Choi of the Criminal Division’s National Cryptocurrency Enforcement Team (NCET) emphasized the importance of early notification by victims to law enforcement, thanking those who came forward to notify the FBI when targeted by this scheme. Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division added that the announcement should serve as a reminder of the FBI’s unwavering commitment to investigating and pursuing criminal actors who seek to defraud the American public.

Assistant U.S. Attorneys from Arizona, California, and Idaho, along with members of the NCET and the Criminal Division’s Fraud Section, are in charge of the seizures announced today, with the FBI Phoenix Division investigating the case.

#FBI #crypto2023 #Binance #BTC #azcoinnews

This article was republished from azcoinnews.com

The FBI warns that scammers attract people to work overseas, promising high salaries. Upon arrival, they take away passports and force them to participate in scams related to digital currencies.

The U.S. Federal Bureau of Investigation (FBI) has warned of false job postings. Which are offered by scammers to lure people to work abroad and force them to participate in cryptocurrency scams.

According to the FBI, scammers post false job ads on social media. As well as on Internet job sites, inviting people to work in Southeast Asia. Jobs related to tech support, call centers or beauty salons are offered. Applicants are offered good wages, various benefits, travel, lodging, and meals.

Upon arrival, passports are taken away from people. And then they are forcibly held, intimidated and forced to participate in international cryptocurrency fraud schemes. Thus effectively holding them in slavery.

At the same time, victims are told that they must pay mounting debt for travel. As well as accommodation and food, and sometimes sell people to other criminal groups. People are also intimidated by threats to turn them in to local law enforcement.

Our experts point out that those looking for work abroad are advised by the FBI to be wary of strange wording in job postings. As well as offers with unusually high salaries and benefits. Also, when moving to another country, tell relatives and friends the details of the new place of work.

#FBI #crypto2023 #Binance #scamalert #crypto

CryptosHeadlines.com - The Leading Crypto Research Network:

Cryptocurrency investors face significant security challenges, with new attacks constantly emerging. From hacking smart contracts to social media scams, there are numerous ways that investors can lose their money.

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To address these risks, the FBI has issued a warning to the public. They caution about attackers who hijack social media accounts and deceive people with fake token sale addresses.

Additionally, the FBI expresses concerns about fake websites that use legitimate platforms to steal NFTs and cryptocurrencies from unsuspecting victims. It’s crucial for investors to stay vigilant and take measures to secure their funds in this ever-evolving crypto landscape.

Cryptocurrency investors face significant security concerns as new attacks continue to emerge daily. From hacking smart contracts to social media scams, there are various ways in which investors can lose their money. The FBI has issued a warning to the public, highlighting the risks involved.

The FBI specifically warns about attackers taking control of social media accounts to deceive people with fake token sale addresses. They are also concerned about fake websites that use legitimate platforms to steal NFTs and cryptocurrencies from victims.

These scams have resulted in an increasing number of victims losing their funds. For example, hackers targeted Uniswap founder Hayden Adams’ Twitter account and shared a link for a fake token sale. The attackers can make the link preview appear similar to the real website, tricking users into connecting their wallets and losing all their money.

To protect themselves, the FBI urges people to be cautious of criminals who pose as legitimate NFT developers and engage in financial fraud schemes targeting active users within the NFT community. These attackers may take over social media accounts or create nearly identical ones to promote fake NFT releases, using phrases like “limited stock” to create a sense of urgency and lure unsuspecting users into their traps. Being vigilant and verifying the legitimacy of websites and offers can help safeguard against such scams.

Scam websites often trick people into connecting their wallets to request or purchase NFTs, just like smart contracts that infect computers with viruses. These malicious smart contracts are designed to steal all keyboard inputs and recorded passwords, like Trojans or keyloggers, while emptying your wallet.

The FBI emphasizes the importance of researching and investigating any opportunities, especially surprise NFT airdrops or giveaways, before clicking on links. They encourage individuals to be cautious of inconsistencies in website URLs or account names to avoid falling prey to impersonators.

In summary, it is crucial to stay vigilant and double-check the legitimacy of offers and links to protect against scams that can lead to significant financial losses.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #FBI

CryptosHeadlines.com - The Leading Crypto Research Network

The FBI confiscated 428.5 Ethereum and 5.12 Bitcoins from Virginia wallets, along with $310,277 in Tether stablecoins. This move comes as part of the FBI’s increased efforts in the cryptocurrency sector, which also involved shutting down nine exchanges.

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On August 16, public notices revealed that the FBI had taken control of different cryptocurrencies from wallets in recent months. The filing also mentioned the seizure of three main cryptocurrencies: Ethereum, Bitcoin, and Tether.

The filing also mentioned the confiscation of various items, including weapons, sneakers, and clothing.

FBI Seizures: Ethereum Surpasses Bitcoin and Tether

In the Eastern District of Virginia, authorities took control of 428.5 Ethereum from four wallets, valued at nearly $800,000 during the enforcement period. One of these seizures alone amounted to $463,811.

These seizures happened in April and May, with Ethereum’s value remaining relatively stable.

At today’s market prices, the total 428.5 Ethereum would be worth around $782,000.

According to the filing on August 16, the Bitcoin seized holds a value more than five times smaller than the confiscated Ethereum.

Around 5.12 Bitcoins were seized through various instances in 2023, totaling approximately $136,893.01. At the current time, this amount is worth about $149,221.00.

The filing also reveals that Tether worth $310,277 was taken during the period from March to May.

FBI Monitoring Cryptocurrency Activities

The FBI has taken action against individuals and entities involved in violating federal regulations related to cryptocurrency. The agency states that the seized property is subject to federal forfeiture due to these violations.

FBI’s Ongoing Involvement in the Crypto Sector

Throughout 2023, the FBI has been active in the cryptocurrency sector with various enforcement actions. In July, the founder of crypto exchange Kraken, Jesse Powell, had his home searched by the FBI as part of an investigation into alleged hacking and cyberstalking related to a nonprofit arts group

Additionally, in a collaborative effort with the National Police of Ukraine, the FBI recently shut down nine crypto exchanges suspected of involvement in money laundering. The authorities took down the servers of exchanges such as 24xbtc.com, 100btc.pro, pridechange.com, and others.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #FBI