New York officials reported an investigation result that successfully recovered $140,000 and froze $300,000 in stolen funds related to a cryptocurrency investment scam that utilized false advertisements on social media.
In a notice on Wednesday, officials from the Brooklyn District Attorney's Office, the New York State Attorney General's Office, and the New York State Department of Financial Services (DFS) stated that they had dismantled a scam scheme targeting members of the Russian community in New York State and nationwide.
According to officials, the scammers used cryptocurrency to pay for false digital asset investment advertisements on platforms like Facebook, leading authorities to seize $140,000 and freeze $300,000 worth of cryptocurrency.
New York Attorney General Letitia James stated, "These scammers targeted Russian-speaking individuals on Facebook with enticing ads. I, along with DFS and the Brooklyn District Attorney's Office, took action to stop these scammers and protect New Yorkers. I urge all New Yorkers to be vigilant about online cryptocurrency investment ads."
Although the investigation successfully recovered or froze over $440,000 in stolen funds, authorities reported that the scheme caused losses of over $1 million in the Brooklyn area alone, with more than 300 confirmed victims.
The scammers allegedly used a fake cryptocurrency investment website claiming to have obtained a BitLicense, which is the license required for cryptocurrency companies to operate in New York State.
Many malicious ads on social media, referred to as "black hat" ads, are primarily in Russian and mainly appear on Facebook. Reports indicate that Meta, Facebook's parent company, shut down over 700 ads after learning of the investigation.
Chainalysis reported that the illegal transaction volume involving digital assets in 2024 is approximately $51 billion. Although payments related to ransomware attacks decreased by 35%, there are concerns that the increasing use of artificial intelligence will facilitate scam activities.
Other notorious scam cases also include false cryptocurrency investments through social media ads, such as the fake XRP airdrop scam impersonating Ripple CEO Brad Garlinghouse. As a prominent figure in the cryptocurrency industry, this CEO has been in the spotlight due to Ripple's legal dispute with the U.S. Securities and Exchange Commission (SEC).
Related: The U.S. Department of Justice seeks to seize $225 million in cryptocurrency related to "pig butchering" schemes.
Original: “New York Authorities Freeze $300,000 Related to Cryptocurrency Scammers”
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