Washington: The US Department of Justice has initiated legal proceedings to recover approximately 456,000 USDT allegedly connected to a cryptocurrency investment fraud targeting victims through online relationships.
According to a report shared by Cointelegraph on November 10, the department has filed a civil forfeiture complaint seeking control of the digital assets believed to be linked to the alleged scam network.
Investigators traced the funds to a group that reportedly used dating platforms and Facebook to identify and approach potential victims. The fraudsters allegedly established personal relationships with individuals online, gradually gaining their confidence before introducing them to purported cryptocurrency investment opportunities.
Once victims were persuaded to invest, the group allegedly directed them towards fraudulent schemes designed to steal their money. The operation relied on emotional manipulation and promises of investment opportunities to convince individuals to transfer their funds.
The suspected proceeds were subsequently traced to approximately 456,000 USDT, a cryptocurrency linked to the US dollar. The Justice Department is now seeking their forfeiture through civil legal proceedings.
The action highlights the growing use of digital currencies in online investment fraud and the challenges authorities face in tracking money moved through cryptocurrency networks.
Romance-based investment scams, sometimes associated with cryptocurrency fraud schemes, often begin with seemingly genuine online interactions before shifting towards financial requests. Victims may remain unaware of the deception until attempts to withdraw their investments fail.
The latest legal action is aimed at recovering funds allegedly connected to the operation. However, the forfeiture complaint represents a legal claim, and the allegations have not been established through a final court judgment.
