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DOJ files civil forfeiture complaint to recover $65,000 in USDC from Ohio crypto scam

The U.S. Department of Justice has initiated a civil forfeiture action to recover approximately $65,000 in USDC tied to a cryptocurrency investment scam that stripped an Ohio resident of nearly $200,000.

Official seal of the United States Department of Justice featuring an eagle, shield, and motto.
Image: @TheBlockCo

The U.S. Department of Justice has filed a civil forfeiture complaint aiming to recover around $65,000 in USDC linked to an Ohio investment fraud scheme, according to court documents cited by The Block. The underlying scam resulted in total losses of nearly $200,000 for the Ohio victim.[1][3]

Court filings reveal that a scammer posing as a financial adviser convinced the victim to transfer retirement savings onto cryptocurrency exchange Coinbase. The perpetrator then secured remote access to the victim's laptop, executing roughly 60 separate transactions to shift the funds into wallets controlled by the fraudster.[1][2][3]

Following the theft, stablecoin issuer Circle froze the traced USDC assets. Through the civil forfeiture complaint, federal prosecutors are seeking to secure the frozen cryptocurrency and return the funds to the victim.[1][2][3]

Key facts

  • The U.S. Department of Justice filed a civil forfeiture complaint seeking approximately $65,000 in USDC.
  • An Ohio man lost nearly $200,000 to the cryptocurrency investment scam.
  • A scammer posing as a financial adviser persuaded the victim to transfer retirement savings into Coinbase.
  • The fraudster accessed the victim's laptop remotely and drained the funds across roughly 60 transactions.
  • Circle froze the traced USDC, which federal authorities are working to return to the victim.

Sources · 3 sources

  1. TB

    The Block@TheBlockCoPost on X ·

    THE BLOCK: The DOJ has filed a civil forfeiture complaint seeking to recover approximately $65,000 in USDC tied to a cryptocurrency investment scam that cost an Ohio man nearly $200,000. According to court documents, a fraudster posing as a financial adviser persuaded the victim to move retirement savings into Coinbase before gaining remote access to his laptop and transferring roughly 60 transactions to wallets under his control; Circle subsequently froze the traced USDC, which the government is seeking to return to the victim.

    Open source
  2. CN

    crypto.news@cryptodotnewsPost on X ·

    JUST IN: DOJ seeks to recover $65K in USDC linked to an Ohio crypto investment scam The victim reportedly lost nearly $200K after a fake financial adviser gained remote access to his laptop and moved funds through roughly 60 transactions; Circle froze the traced USDC, which the government now seeks to return.

    Open source
  3. BL

    BlockNews@blocknewsdotcomPost on X ·

    🚨 JUST IN: 🇺🇸 The U.S. Department of Justice seeks to recover approximately $65,000 in $USDC linked to a crypto investment scam that cost an Ohio man nearly $200,000. According to court documents, a fake financial adviser gained remote access to the victim's laptop and transferred funds through roughly 60 transactions after convincing him to move his retirement savings to Coinbase. Circle has since FROZEN the traced USDC, with the DOJ seeking to return the recovered funds to the victim.

    Open source