The FBI seizes millions of dollars in Bitcoin and Ethereum

Between March and May of this year, the U.S. Federal Bureau of Investigation (FBI) seized nearly $2 million worth of cryptocurrencies. This is according to documents released on August 16. To be precise, it’s around $1.7 million, most of which is Ethereum (ETH). The FBI has not released any further details on the seizures.

The crypto loot from the FBI

According to the documents, the FBI seized $147,000 worth of Bitcoin (BTC), $800,000 worth of Ethereum, nearly $800,000 worth of stablecoins DAI and USDT, and $20,000 worth of Monero (XMR). -Dollar.

The FBI says the assets were lawfully seized for “violations of federal law.” As already mentioned, it is not explicitly stated under what circumstances the confiscations took place. However, there is a possibility that it has to do with the internet Fraud. The FBI has recently issued numerous alerts about the existence of cryptocurrencies cheater.

For example, the FBI says victims of these practices are lured into a trap with malicious links. Ignorant crypto investors are being cunningly cheated out of their wealth. The FBI also warned of fake crypto job listings in May. After responding to such job postings, victims are forced to commit crypto scams.

Bad apple of the crypto industry

Unfortunately, scammers continue to be a bad apple for the crypto industry. Scammers are still very active and are constantly inventing new ways to steal from people. It’s also very deterrent to new investors. As long as this problem persists, it will always be an eyesore to the industry.

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However, there was some encouraging news last week. An academic team from California seems to be using it artificial intelligence found a way to identify crypto scammers on social media. 100,000 fraudulent accounts were exposed in one year. While this number is just the tip of the iceberg, it is definitely good news.

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