US government recovers $3.5 million in Bitcoin to compensate victims of cyber fraud
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Bitcoin surged to an all-time high of more than $107,000, which strengthened the US government's efforts to compensate victims of the business email compromise (BEC) scheme.
On December 16, the US Department of Justice (DOJ) announced the recovery of 32.68 BTC stolen in a December 2023 cyber fraud case, worth more than $3.5 million.
The recovered funds were the result of a collaborative investigation between the US Secret Service and the Asset Forfeiture Unit of the US Attorney's Office.
Fraud
According to the US Department of Justice, the bitcoins were obtained through a BEC scheme targeting a real estate company. The scammers hacked into the company's systems and issued fraudulent wire transfer instructions, stealing more than $1 million.
The investigation further found that about 10 other individuals and businesses had also suffered similar scams. These victims reported losses ranging from $75,000 to $425,000.
Authorities noted that the stolen funds were laundered through multiple bank accounts, including accounts managed by money mules, and then consolidated into a crypto wallet. This wallet was traced to the scammers operating in Nigeria.
At the time of seizure, the 32.68 BTC was worth approximately $900,000. However, Bitcoin's recent price increase has significantly increased its value to approximately $3.5 million, with Bitcoin trading at $107,262 at press time, according to CryptoSlate.
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