US seizes record $225 million from crypto investment scammers
Source: CNN Politics
Updated 4:08 PM EDT, Wed June 18, 2025
CNN — US law enforcement has seized over $225 million in cryptocurrency allegedly stolen from dozens of American victims as part of a sophisticated investment scam, the Justice Department said Wednesday.
It’s the largest-ever seizure of funds stolen in so-called “crypto confidence” scams, which dupe people into investing in fraudulent cryptocurrency schemes, the department said.
The scam affected more than 400 people worldwide, including dozens of Americans, and caused millions of dollars in losses, according to a complaint unsealed Wednesday. The scammers conducted “hundreds of thousands” of transactions in an effort to launder the stolen cryptocurrency, according to the Justice Department.
The US government now has possession of the stolen crypto and will be working to return as much of it as possible to victims, Shawn Bradstreet, a special agent in charge at the Secret Service, said at a news conference on Wednesday.
Read more: https://www.cnn.com/2025/06/18/politics/us-seizes-record-225-million-from-crypto-investment-scammers

EarthFirst
(3,733 posts)He’s just going to hold onto it for a bit.
Until it can be returned to proper client custody of course…
Mawspam2
(993 posts)Crypto, like any currency, even the USDollar, is only worth what two parties (the buyer and seller) agree it is worth.
Buddyzbuddy
(1,161 posts)I happen to be writing it at the same time you were posting.
Although, I agree with most of your post. The difference up until the Felon began making a mockery of our financial system is the U.S. Dollar is backed and guaranteed by the Gov't of the United States. Whereas Crypto, et al has had no guarantor. It's only been as good as the people exchanging and accepting it. If the Felon makes good on his attempt to legitimize digital currency he will give it some legitimacy while at the sane time deligitimizing the U.S.Dollar. It will cease to exist as the currency of choice throughout the world. I don't think fear of recession alone is causing the spike in the price of gold.
Mawspam2
(993 posts)A) My USDollar today is worth less than my USDollar of yesterday because of inflation. Sometimes, I can counteract that. For example: I put my dollar in a bank and they pay me interest for the temporary use that dollar to loan it to a third party for a fee.
B) There was a time when USDollars were government-backed by a deposit of gold held in Fort Knox (or elsewhere), not anymore. Today, USDollars are only ink on paper, backed only by the "full faith and credit" clause of the Constitution. USDollars are, in fact, unsecured. The government has the ability to sell bonds (make loans) or raise taxes (itself lowering the value of my dollar), but the USGovernment is under no obligation make me whole if and when the dollar collapses.
Buddyzbuddy
(1,161 posts)But, if the Dollar was not backed by the U.S. Gov't. as it stands today, the financial system would collapse throughout the world for the United States.
Not so for digital currency, as it stands today.
Note: truth be told, I don't have intimate knowledge of Crypto, Bitcoin, etc..
But I strongly believe it to be a pyramid scheme that must be kept alive via lies or people could lose a lot of "money" when the music ends. Before you say it, yes the same could be said about the USD. But unlike digital, it has history and world acceptance.
The Felon doesn't understand he's exposing the fragility everyday by his idiotic actions.
Buddyzbuddy
(1,161 posts)Tomorrow, I'm doing the same thing to 10 more $1 dollar bills and buying the Lakers.
I can make more if anybody wants to buy them from me. It's legit if we just agree that it is, honest.
in case anybody wants to call the FTC.