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- $1.3 Million in Cryptocurrency Frozen by Manhattan District Attorney
$1.3 Million in Cryptocurrency Frozen by Manhattan District Attorney
In the past ten months, the Manhattan District Attorney's office has frozen over $1.3 million in cryptocurrency.
On Thursday, Manhattan District Attorney (DA) Alvin Bragg announced that his office has “frozen more than $1.3 million in cryptocurrency during fraud investigations conducted over the past ten months.”
Using blockchain analysis, investigators were able to locate more than $1.3 million of stolen cryptocurrency in the past 10 months. At least $200,000 of this currently resides in the DA’s accounts.
Bragg also said:
While many of these cyberthieves are overseas and currently out of our reach, the cryptocurrency they stole is not. We are returning that money to the victims of these schemes — while raising awareness to prevent future fraud.
According to the Manhattan District Attorney’s Office, crypto scams are becoming increasingly popular. One scam involving cryptocurrency that has gained popularity recently is called “pig butchering.” This particular scam involves the victim handing funds over to the scammer who pretends to invest the money and provides fabricated evidence of the money growing. They may even allow the victim to withdraw money from their fake account although it ultimately ends with the scammer taking all the money. U.S. authorities have warned the public about the rising popularity of this type of scam numerous times over the past several months.