The US government is taking action to recover the altcoins stolen from Massachusetts in March 2022. In hot developments, the US is filing a confiscation case regarding a scam scheme to buy back these 8 altcoins from Binance.
USA wants these 8 altcoins back from Binance
The US has recently witnessed an alarming increase in phishing scams. Among these alarming developments, the US Attorney General’s Office has filed a civil confiscation lawsuit to reclaim altcoins from Binance, believed to be the proceeds of a business email interception (BEC) scam targeting a Massachusetts business.
This legal action allows third parties to claim the property, necessitating resolution before the assets are lost to the United States and returned to the victims. Here is the list of altcoins that the government wants to confiscate:
- Tether (USDT)
- ApeCoin (APE)
- Jasmy (JASMY)
- Origin Protocol (OGN)
- Shiba Inu (SHIB)
- eCash (XEC)
- Alien Worlds (TLM)
- Binance Coin (BNB)
- + Bitcoin (BTC)
Confiscation is the process of confiscating the property of a person or organization related to a crime committed by the state. It is carried out as a result of a legal process and is a measure for the protection of property rights.
The US seeks to save cryptocurrencies
The government’s move includes forfeiting cryptocurrencies stolen from seven accounts on Binance. The accounts in question included various altcoins such as USDT, ApeCoin, JASMY, OGN, SHIB, XEC and TLM. Also, BNB is among these accounts.
According to the official statement, an investigation was launched in March 2022, when a company in Massachusetts previously fell victim to a fake email scam. The scammers successfully convinced the company to transfer a substantial $898,342 from their local bank account to an account opened in California.
Trace of stolen funds ends on Binance
In March 2022, a Massachusetts business was exposed to a fake email scam. An investigation has been launched regarding this incident. The scammers convinced the business to transfer $898,342 from their local bank account to an account opened in California. They then transferred these illegal resources to another bank account.
They then transferred it to a cryptocurrency exchange as Bitcoin. They used a series of broker wallet addresses to lose track of the funds. These wallets are associated with money laundering methods. In the end, it turned out that some of these funds were traced back to the compromised accounts in August-September 2022. These accounts included Binance wallets.
It is a criminal offense under federal law to fraudulently or fraudulently obtain money or property using wired communications as part of a scheme. The complaint, filed by the US Attorney General’s Office, alleges that the seized funds represent both income from electronic fraud and money laundering-related assets.
Following such crypto news, crypto phishing scams and BEC scams are becoming increasingly common in the US. This leads to serious financial losses for individuals and businesses.
Binance was cleared in a US lawsuit
As we reported as Kriptokoin.com, a decision was made in favor of Binance in the $ 8 million Tinder case yesterday. On the other hand, Reuters claims that Binance is violating US laws.
39415
