US government to return $7 million in seized funds to victims of fake crypto investment sites

Odaily Planet Daily News The U.S. government is seeking to return $7 million to victims of social engineering scams who were deceived into transferring money to fake cryptocurrency investment platforms. According to a statement from the U.S. Attorney's Office for the Eastern District of Virginia, the fraud case involved scammers first contacting victims and gaining their trust, and then directing them to websites disguised as legitimate cryptocurrency investment platforms. Once victims made deposits, the funds were transferred through more than 75 bank accounts in the name of shell companies, and then transferred abroad in a "deceptive manner", ostensibly domestic remittances, although in fact the funds were transferred to banks outside the United States. "When victims try to withdraw money, criminals force them to remit money again by saying that the victims need to pay taxes on the assumed gains." (Cointelegraph)