U.S. authorities announced plans to return $7 million to victims of a cryptocurrency investment scam that misled individuals into sending money to fraudulent platforms. The scam involved perpetrators who built trust with victims before directing them to websites that resembled legitimate crypto investment platforms, as stated by Virginia’s Eastern District U.S. Attorney’s Office.

Once victims deposited their funds, the scammers transferred the money through over 75 bank accounts linked to shell companies, disguising international transfers as domestic transactions. Victims were further manipulated when they attempted to withdraw their supposed profits, often being forced into sending even more money under false deception, such as claiming they owed taxes on non-existent earnings.

The U.S. Secret Service seized a portion of the stolen funds from a foreign bank in 2023, leading to a civil forfeiture action. After legal negotiations, authorities reached a settlement that allowed for the return of $7 million to the defrauded individuals. Victims are encouraged to contact the Secret Service to petition for recovery of their losses.