Manhattan District Attorney Freezes $1.3 Million in Crypto – Seeks to Return Funds to Fraud Victims

The Manhattan District Attorney’s (DA) office froze more than $1.3 million in cryptocurrency “during fraud investigations over the past ten months.” The authority said: “We are returning this money to the victims of these schemes – while raising awareness to prevent future fraud.”

$1.3 million in cryptocurrency frozen

Manhattan District Attorney (DA) Alvin Bragg announced Thursday that his office had “frozen more than $1.3 million in cryptocurrency during fraud investigations over the past ten months.”

Bragg detailed: “Using our blockchain analysis expertise, our cryptocurrency investigators, prosecutors and analysts have been able to locate and freeze over $1.3 million in stolen cryptocurrency in the last 10 months alone. “, specifying:

While many of these cyberthieves are overseas and currently beyond our reach, the cryptocurrency they stole is not. We return this money to the victims of these schemes, while raising awareness to prevent future fraud.

The announcement adds that cryptocurrency worth $200,000 was seized and is now being held in the DA’s accounts.

The Manhattan District Attorney’s Office explained that crypto scams involving romance, bitcoin ATMs, imposters, remote desktop downloads, and fake account balance screenshots have become increasingly popular .

A trending scam involving cryptocurrency that has fooled many investors around the world is called “pig butcher.“In recent months, several US authorities have warned of the growing popularity of this type of scam.

What do you think of the Manhattan Attorney’s Office’s cryptocurrency freeze with a plan to return the funds to victims of fraud? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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