The US is seeking to recover $7.1 million in crypto seized by Homeland Security in connection to an alleged fraudulent oil and gas investment scheme that scammed investors of $97 million between 2022 and 2024. Crypto was used to launder stolen funds through accounts in Russia and Nigeria.

One individual, Geoffrey Auyeung, was indicted for his role in the scheme, accused of buying Bitcoin, Tether, USDC, and Ether with stolen funds. He sent most of the crypto to Binance. US authorities seized $2.3 million from his bank accounts. Victims were promised profits from investing in oil tank storage facilities.

Prosecutors identified victims defrauded of $17.9 million and expect more to come forward. If approved, the $7.1 million forfeiture would reclaim $9.4 million for distribution to victims. Recent weeks have seen regulators crack down on crypto scams, including OmegaPro promoters defrauding investors of $650 million and rugby player operating a $900,000 Ponzi scheme.

Read more at Cointelegraph: US Files Forfeiture For $7.1M In Crypto From Investment Scam