US authorities are working to return $8.2 million in cryptocurrency seized from scammers who tricked victims through fake investment schemes. Among the victims was an Ohio woman who lost her life savings and was later threatened by the fraudsters.
How the ‘Wrong Number’ Crypto Scam Worked
The scam began with fraudsters sending random text messages, pretending they had dialed the wrong number. Once a recipient responded, the scammers engaged in conversation, built trust, and eventually convinced victims to invest in a fake cryptocurrency scheme.
The FBI has identified 33 individuals who fell victim to the scheme, with five more yet to be confirmed. According to a statement from the Ohio District Attorney’s office on February 28, total losses from the scam reached $6 million.
FBI Investigation and Crypto Seizure
The case came to light after a victim filed a complaint with the FBI’s Internet Crime Complaint Center in June. A blockchain analysis revealed that a portion of the stolen funds had been converted into Tether (USDT) and moved to three cryptocurrency addresses.
Following a federal seizure warrant, authorities instructed Tether to freeze the funds and transfer them to a law enforcement-controlled wallet, where they have remained since.
On February 27, Acting US Attorney Carol Skutnik and Assistant US Attorney James Morford filed a forfeiture complaint in an Ohio District Court. They requested the court to forfeit all funds in the three crypto addresses, allowing them to be returned to victims.
Authorities noted that the seized accounts contained funds exceeding the traceable victim losses. These additional funds, totaling $8.2 million, were linked to money laundering and wire fraud.
