Over $225M nabbed in US’s largest crypto scam seizure yet

The U.S. Department of Justice has announced the forfeiture of over $225.3 million worth of cryptocurrency associated with investment fraud as part of a law enforcement operation conducted alongside the FBI and the Secret Service, as well as TRM Labs and Tether, marking the country's largest sequestration of illicit cryptocurrency proceeds so far, reports BleepingComputer.

Such funds, which were part of an advanced blockchain-based money laundering network, had been obtained from more than 400 victims around the world, according to the Justice Department. While extensive obfuscation has been implemented to evade detection, law enforcement agencies leveraging Last-In-First-Out tracing were able to discover that the proceeds had been merged into seven different USDT wallet groups, with funds ranging from $3 million to $135 million. All tokens related to the discovered wallet groups were then frozen by Stablecoin Tether before being destroyed and having the same amount reissued to the U.S. government.