Scammers posed as the presidential inaugural committee to steal over $250,000 in cryptocurrency by using phony email addresses similar to the committee's official ones.
The scammers tricked victims into sending money by creating fake email addresses with subtle differences to deceive them into contributing to the Trump-Vance Inaugural Committee.
Authorities aim to seize around $40,400 in cryptocurrency to deter criminal activity and compensate victims affected by the scam.
The incident comes amidst warnings from the FATF about the potential risks associated with the growing use of stablecoins by illicit actors, highlighting the need for stricter regulations in the virtual asset space.