Seized Bitcoin Triples in Value, Helping Fraud Victims Recover Losses Law enforcement’s swift action seized $900,000 in bitcoin from a Nigerian fraud scheme, and its soaring value may fully reimburse victims of a $1 million scam. Bitcoin Boom: Law Enforcement’s Quick Move Recovers Millions for Scam Victims The U.S. Attorney’s Office for the Western District of Washington announced on Monday that bitcoin seized during a fraud investigation will help victims recover funds lost in a business email compromise (BEC) scheme. The announcement details:

Acting quickly, law enforcement seized approximately 32.68 bitcoin, then worth about $900,000, from the fraudsters’ cryptocurrency wallet.

“The U.S. Attorney’s Office then filed a civil forfeiture case against the seized bitcoin, the value of which has more than tripled since the time of seizure,” the announcement adds. “Due to the rising price of bitcoin, it is possible that each of the ten victims who have filed claims will be made whole.” The scheme, which targeted real estate transactions, resulted in the theft of more than $1 million. The fraud surfaced in December 2023 when a company handling real estate transactions reported a system breach. Fraudsters infiltrated the systems to send false wire transfer instructions, diverting large sums intended for mortgage and property payments. Investigators uncovered that at least ten individuals and businesses suffered financial losses, with amounts ranging from $75,000 to $425,000. Source: https://news.bitcoin.com/seized-bitcoin-triples-in-value-helping-fraud-victims-recover-losses/