Federal authorities have filed a civil forfeiture complaint targeting over $12 million in Tether cryptocurrency linked to an alleged investment fraud scheme. The announcement was made by Acting United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the FBI’s Albany Field Office.
The complaint details how the FBI identified ten female Mandarin-speaking victims who collectively lost more than $10.3 million through a fraudulent cryptocurrency investment operation. The perpetrators reportedly initiated unsolicited text conversations with their victims and persuaded them to invest significant amounts of money via ShakepayEX, a website designed to resemble a legitimate Canadian cryptocurrency exchange. Victims encountered obstacles and deceptive demands when attempting to withdraw their funds.
Law enforcement utilized blockchain analysis and other investigative tools to trace the targeted cryptocurrency back to the fraudulent activity.
Acting United States Attorney Sarcone stated: “Cryptocurrency investment scams are the latest vehicle for con artists from all over the world to victimize Americans right here in our backyards. But this civil action is the latest example that law enforcement can and will use all the tools at our disposal to ensure that those who abuse legitimate technology will not profit from their deviant conduct.”
FBI Special Agent in Charge Tremaroli added: “Cryptocurrency scams are one of the most prevalent and damaging fraud schemes the FBI investigates. They have a devastating financial impact on victims and cause a tremendous amount of emotional distress. This filing serves as a reminder the FBI will continue to work with our partners to use every resource available to identify these schemes, investigate the criminals perpetrating them, and seek justice and relief for the victims.”
The case is being investigated by the FBI, with Assistant U.S. Attorney Joshua R. Rosenthal representing the government.
Individuals who suspect they may be victims of cybercrime—including cryptocurrency, romance, or investment scams—are encouraged to file complaints with the FBI’s Internet Crime Complaint Center at https://www.ic3.gov.
