US Pursues Binance for Crypto Theft

The cryptocurrency world is always full of surprises and developments. One of the latest news that has caught the attention of many enthusiasts is the recovery of stolen crypto from Binance by the US Justice Department.

The DOJ Aims to Recover the Stolen Assets

The scammers behind a BEC scheme have been targeted by the government for confiscation of their cryptocurrency assets. The fraudsters used seven accounts on Binance, a leading crypto exchange, and custodian, to store various digital currencies, such as Bitcoin, Tether, APE, JASMY, OGN, SHIB, XEC, TLM, and BNB.

The Justice Department was able to trace the hacker’s transactions and identify his wallets using blockchain analysis tools and cooperation from Binance and other crypto exchanges. The hacker had attempted to launder his stolen funds by swapping them for other cryptocurrencies and using mixers and tumblers to obscure their origin. 

The fraudsters used wire communications to deceive and obtain money from their victims. They moved the stolen money to another bank account and then exchanged it for Bitcoin on a platform that deals with cryptocurrencies.

Stolen Funds Found in Binance Accounts

To hide their tracks, they sent the money through many different wallet addresses, following a common method used by money launderers. Some of the money was ultimately located in Binance accounts, where it was confiscated in August and September 2022.

According to federal law, it is illegal to use wire communications as part of a plan to cheat or get money or property by lying or making false promises. The US Attorney’s Office filed a complaint that says that the money that was seized was both the result of the wire fraud and the property involved in money laundering.

As a result of such crypto news, crypto phishing scams and BEC fraud have become more common in the United States, causing big financial losses for people and businesses. Civil forfeiture actions, like the one taken by the US Attorney’s Office, try to stop criminal networks and give back the money to the victims.