US Authorities Pursue $7.1 Million in Crypto Tied to Oil Investment Scam – Will Victims Finally See Justice?

The US is seeking to seize $7.1 million in crypto linked to a fraudulent oil and gas investment scheme to distribute it to victims. Prosecutors allege that individuals in Russia and Nigeria used victims' funds to purchase crypto and sent a portion to exchanges in their countries. An individual named Geoffrey Auyeung was indicted for money laundering in connection to this scheme, where investors were promised profits from oil tank storage facilities but were defrauded. Authorities have identified victims who lost $17.9 million and are expecting more claims. Recent regulatory actions have targeted fraudulent activities in the crypto space, with individuals facing penalties for various scams.

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