The post Secret Service seizes $1.18m worth of crypto in fraud case appeared on BitcoinEthereumNews.com. Scammers tricked victims into downloading a fake mobile crypto exchange app, and stole their funds if they made a transfer. Summary Federal agents seized $1.18 million in crypto from scammers U.S. Secret Service led an investigation into a global fraud ring Scammers used a fake app to trick victims into transferring their funds to them Crypto-related fraud is becoming more sophisticated, and law enforcement is stepping up. On Thursday, November 13, Federal authorities have seized and forfeited over $1.18 million in crypto connected to an international fraud and money laundering scheme. The forfeiture, led by the U.S. Secret Service, was against a group involved in a scheme that prayed on U.S. citizens. Specifically, criminals impersonated legitimate crypto advisors, and using high-pressure tactics to trick victims into transferring their assets to their accounts. The funds were then liquidated into fiat currency. “The Asset Forfeiture Unit of the U.S. Attorney’s Office and United States Secret Service worked diligently to locate, seize, and forfeit these funds, and are now working to identify eligible victims who may be compensated with forfeited funds,” said U.S. Attorney Margaret E. Heap for the Southern District of Georgia. Scammers use fake apps to lure victims The investigation started when a real estate agent in Richmond Hill, Georgia reported suspicious activity from a prospective buyer. The supposed buyer claimed to be a crypto millionaire and insisted on complicated crypto transactions. He also pressured the agent to download a fake mobile app to make the deal. The app looked like a legitimate crypto platform. However, it was actually controlled by the scammers, and used to steal funds once the victims made a transfer. The U.S. Secret Service then saw a broader pattern, with another victim in North Carolina falling prey to the same fake app. “With the continued evolution of… The post Secret Service seizes $1.18m worth of crypto in fraud case appeared on BitcoinEthereumNews.com. Scammers tricked victims into downloading a fake mobile crypto exchange app, and stole their funds if they made a transfer. Summary Federal agents seized $1.18 million in crypto from scammers U.S. Secret Service led an investigation into a global fraud ring Scammers used a fake app to trick victims into transferring their funds to them Crypto-related fraud is becoming more sophisticated, and law enforcement is stepping up. On Thursday, November 13, Federal authorities have seized and forfeited over $1.18 million in crypto connected to an international fraud and money laundering scheme. The forfeiture, led by the U.S. Secret Service, was against a group involved in a scheme that prayed on U.S. citizens. Specifically, criminals impersonated legitimate crypto advisors, and using high-pressure tactics to trick victims into transferring their assets to their accounts. The funds were then liquidated into fiat currency. “The Asset Forfeiture Unit of the U.S. Attorney’s Office and United States Secret Service worked diligently to locate, seize, and forfeit these funds, and are now working to identify eligible victims who may be compensated with forfeited funds,” said U.S. Attorney Margaret E. Heap for the Southern District of Georgia. Scammers use fake apps to lure victims The investigation started when a real estate agent in Richmond Hill, Georgia reported suspicious activity from a prospective buyer. The supposed buyer claimed to be a crypto millionaire and insisted on complicated crypto transactions. He also pressured the agent to download a fake mobile app to make the deal. The app looked like a legitimate crypto platform. However, it was actually controlled by the scammers, and used to steal funds once the victims made a transfer. The U.S. Secret Service then saw a broader pattern, with another victim in North Carolina falling prey to the same fake app. “With the continued evolution of…