$9M in Cryptocurrency Seized in Cyber Scam

Federal agents uncover complex 'chain hopping' money laundering scheme linked to over 70 victims.

Federal agents have seized $9 million in cryptocurrency linked to a cyber scam organization that has exploited over 70 victims.
The scam involved the creation of fake investment companies and cryptocurrency exchanges, convincing victims to deposit their money which was then stolen.
The criminals attempted to launder the proceeds using a technique known as 'chain hopping', involving quick and frequent transactions and switching of cryptocurrency tokens to evade detection.
The U.S. Secret Service's field office in San Francisco traced the Tether cryptocurrency, which is pegged to the U.S. dollar, to addresses allegedly linked to the scam group.
The Department of Justice and the U.S. Secret Service are continuing to investigate the case, with no arrests or names of the criminals mentioned yet.