Consequently, US officials are attempting to refund $8.2 million they seized from scammers who tricked individuals into fake crypto investments. The whole scam was based on sending individuals ‘wrong number’ messages randomly, chatting, and then convincing them to invest in a fake crypto scheme.
The FBI counted 33 victims for a total loss of $6 million. An Ohio woman lost her $663,000 in savings and was later threatened by the scammers when she was unable to send more money.
How the Scam Worked
Wow, @rovercrc, this is fantastic news! 🎉 Returning $8.2M to scam victims is a huge step in the right direction. It's like finding a lost sock in the laundry—unexpected but oh-so-satisfying! Let's hope this encourages more transparency and justice in the crypto space. https://t.co/1YmaRvF3gj
— Fiona (@TheFionaCrypto_) March 3, 2025
Scammers initially reached victims via text messages, online dating sites, or online forums, stating that they had the wrong number. After initiating conversations, they established trust and friendship over time.
Once they had earned the victims’ trust, the scammers provided the victims with fake success stories of crypto investment, which made the victims convinced that they too could make huge returns. The victims were also requested to open accounts on actual crypto exchanges but were tricked into putting money into the scammers’ fraudulent platforms. The platforms promised high returns and encouraged additional investment.
When the victims proceeded to withdraw their money, they were instructed to send additional money so that their investments would be released. In some cases, the scammers even warned the victims of harm if they did not pay.
Authorities Step In
When notified of the complaint in June 2024, the FBI traced the stolen money through blockchain analysis. It discovered that the money had been exchanged into Tether (USDT) and transferred to three crypto wallets. The wallets were then frozen and the authorities are refunding the money to the victims.
Security professionals warn that crypto scams are increasing, with new technology making it simpler to do so. There are reports that billions were lost in 2024, and scams could be even more prevalent in 2025.
To remain safe, individuals must be cautious against getting unwanted messages, check for investment prospects, and never transfer money to unfamiliar websites. The authorities continue to fight these scams, but the solution to stopping more victims lies in awareness.
