The U.S. recovers $225m in crypto currency

This has to be the biggest seizure to date.

The U.S. Department of Justice has seized more than $225 million in cryptocurrency linked to investment fraud and money laundering operations, the largest crypto seizure in the history of the U.S. Secret Service.

The state’s investigators used blockchain analysis to trace the funds stolen from over 400 victims, which were then laundered through a complex network of cryptocurrency addresses to obscure their origin.

“The complaint alleges that the cryptocurrency addresses that held the over $225.3 million in cryptocurrency were part of a sophisticated blockchain-based money laundering network that executed hundreds of thousands of transactions and was used to disperse proceeds of cryptocurrency investment fraud across many cryptocurrency addresses and accounts on the blockchain to conceal the source of the illegally obtained funds,” reads an announcement by the Department of Justice.

It continues:

Funds were consolidated into seven final USDT wallet groups, each holding between $3M and $135M, triggering significant amounts of unnecessary gas fees (up to $125,000) to disrupt traceability.

There are two new inacted laws that allow for forfiture of funds and its discussed in this article.

We don’t know who’s behind it and that will be part of the investigation.

Hopefully those who were tricked in to handing money over will be given back their money.

US recovers $225 million of crypto stolen in investment scams is the article if you want to get in to some good news for a change.