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New York Disrupts Cross-Border Crypto Scam as Meta Shuts 700 Accounts
- New York Attorney General froze $300,000 worth of cryptocurrency in a cross-border crypto scam targeting Russian-speaking residents.
- The scam used deceptive Facebook ads to lure victims into fake crypto investment platforms, resulting in over $1 million in losses in Brooklyn alone.
- Authorities from the Attorney General’s Office, Brooklyn DA, and NY DFS found scammers based in Vietnam behind the operation.
- Victims were tricked into investing more money after seeing fabricated account growth.
- Over 300 victims were identified, with officials preventing further losses and recovering some stolen funds.
- Meta shut down 700 accounts involved in the advertising campaign after being alerted by authorities.
- The scam was discovered in October 2024 and led to seizing of over $140,000 in stolen crypto and freezing $300,000 by the Attorney General.
- Investigators traced a website displaying a fake BitLicense certificate to the scam network.
- Scammers paid for deceptive ad services to avoid detection on Facebook.
- Authorities executed search warrants leading to the seizure of 100+ domain names and 17 registrar accounts.
- Scammers were cut off from communication with victims as investigations continue.
- Attorney General James urged affected individuals to report suspicious activity and invited industry workers to submit whistleblower complaints.
- Law enforcement agencies are collaborating to investigate the case further.
- The content was written by Jared Kirui on www.financemagnates.com.
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