KANSAS CITY, Mo. (KCTV) – The Justice Department has shut down a foreign cryptocurrency investment scam that cost one Missourian $16 million.
The U.S. Attorney’s Office for the Western District of Missouri says that on July 18, a temporary restraining order was obtained against “Triangular” – an unidentified foreign-operated fraudulent cryptocurrency investment platform.
Judicial leaders noted that the order resulted in the suspension of access to two websites used to get on the platform.
The U.S. Attorney’s Office indicated that a civil forfeiture complaint was also filed against more than $325,000 in cryptocurrency seized from two Missouri addresses linked to the scam.
The complaint revealed that the Federal Bureau of Investigation used blockchain analysis to find that the cryptocurrency was connected to the theft and laundering of money from victims of the Triangular investment scheme between July and October 2024.
Investigators revealed that a victim in Western Missouri lost more than $16 million to the fake investment platform.
FILE(Bankrate)
According to the Justice Department, the scammers lured victims through messages on social media sites like LinkedIn. Once they formed a relationship, the scammers introduced the victims to Triangular and promised an immense investment gain with little to no risk.
However, after the victims made the initial investment, investigators said the scammers manipulated their accounts to appear to show exponential returns and encouraged them to transfer more crypto.
But, law enforcement officials indicated that when the victims tried to withdraw their profit, they were told they needed to pay even more in false withdrawal fees or taxes. The victims never recovered their money.
A preliminary injunction hearing has been set for Aug. 6.
Commonly referred to as a cryptocurrency confidence scam, the FBI’s 2024 Internet Crime Report showed that fake investment schemes like Triangular cost Americans billions of dollars each year.
Those who believe they may be a victim of a cryptocurrency investment scheme or other cyber-enabled crime should report it to the FBI HERE.
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