Bitcoin’s surge to a record high of over $107,000 has boosted the US government’s efforts to reimburse victims of a business email compromise (BEC) scheme.
The US Department of Justice announced on Dec. 16 that it had recovered 32.68 BTC worth over $3.5 Million, which was stolen during a cyber-fraud case in December 2023.
The recovery resulted from a collaborative investigation involving the US Secret Service and the US Attorney’s Office’s Asset Forfeiture Unit.
It is a fraud
DOJ says that BTC was acquired through BEC, which targeted a real-estate company. Fraudsters infiltrated the company’s system and issued fraudulent wire transfer instructions, siphoning over $1 million.
The investigation also revealed that about ten more individuals and business fell for similar scams. They reported losses between $75,000-$425,000.
The authorities reported that the funds stolen were first laundered by multiple banks, including accounts managed by money mules before finally being combined into one crypto wallet. This wallet led to Nigerian fraudsters.
The 32,68 BTC were worth approximately $900,000. However, Bitcoin’s recent price rally has significantly increased its worth to around $3.5 million, according to CryptoSlate data, with Bitcoin trading at $107,262 at press time.
Reimbursement efforts
The authorities believe the surge in Bitcoin’s value will allow all ten claimants to be fully reimbursed for their losses.
The US Attorney’s Office has filed a civil forfeiture case to recover the seized assets and ensure restitution for victims.
US Attorney Tessa Gorman stressed the importance of civil confiscation as a tool to support victims even before perpetrators have been apprehended.
Gorman is a statement by:
“I commend the quick work by law enforcement and the Asset Forfeiture Unit who moved to seize this Bitcoin and are working diligently to make these victims whole.”
Posted In: Bitcoin, US, Crime, Crypto, Featured Author 
Oluwapelumi Adejumo
Oluwapelumi believes in the potential of Bitcoin. He shares his insights and opinions on topics such as DeFi, Hacks, Mining, Culture, etc., highlighting the transformative power of Bitcoin.
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Also known as “Akiba,” Liam Wright, Editor-in Chief at CryptoSlate is also the host of SlateCast. He is a firm believer that the decentralized technologies have the power to bring about positive changes.
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