DOJ Seizes $112M in Cryptocurrency Investment Scheme Funds.

The US Department of Justice has seized virtual currency worth an estimated $112m linked to cryptocurrency investment scams. The virtual currency accounts were allegedly used to launder proceeds of various cryptocurrency confidence scams. Investment fraud caused the highest losses of any scam reported by the public to the FBI’s Internet Crimes Complaint Center (IC3), totaling $3.31bn. Frauds involving cryptocurrency, including pig butchering, represented the majority of these scams, increasing a staggering 183% from 2021 to $2.57bn in reported losses last year.