The U.S. administration said it had halted the movement of approximately $833 million in crypto assets, seized 503 fake websites, and warned approximately 9,000 citizens that they had been scammed in efforts targeting international crypto fraud networks.
A White House official told CoinDesk that President Donald Trump would discuss the operations at a cybercrime event scheduled for Wednesday. According to the official, crypto-related scams have cost U.S. citizens tens of billions of dollars.
Fake sites seized, victims contacted
Among the results announced by the administration was the seizure of 503 fake crypto sites under the supervision of the Homeland Security Task Force. Officials also notified approximately 9,000 U.S. citizens that they had been victims of scams.
The announced results also included blocking the movement of approximately $833 million in crypto assets linked to the crimes. This amount was not announced as money that had been returned to victims.
They gain trust to get people to send money
The international criminal networks targeted use tactics such as romance scams, phishing campaigns that steal information through fake messages and links, and ransomware attacks to reach victims.
In a scheme known as “pig butchering,” scammers build relationships with their victims over time and gain their trust to persuade them to send money. These activities, which have been linked to organized criminal networks in countries such as Myanmar, Cambodia, Laos, and the Philippines, are also among the targets of the multi-agency Scam Center Strike Force.
Since last year, the U.S. has imposed sanctions aimed at taking offline the websites and infrastructure used in these attacks. Strategies for targeting criminal proceeds and shutting down the operations of scam centers are expected to be discussed at the White House event.
Not investment advice.