Washington officials move to the confiscation of $ 7 million in the encryption scheme star-news.press/wp

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Julia Smith

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Julia Smith

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Extremely experienced Julia with a passion for covering a wide range of rhythms. She loves all political things and regularly covers organizational updates about the emerging technology here for encryption news.

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July 23, 2025

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The US Prosecutor’s Office for the Western Region in Washington filed a civil lawsuit on Tuesday in search of the confiscation of more than $ 7 million of digital assets that were recovered from a huge encryption scheme, a new press release from the Ministry of Justice.

The fraudsters stole 97 million dollars in the encryption scheme, and new press offers

According to the press statement, July 23US officials are looking for a loss of $ 7.1 million, only a slide of $ 97 million stolen a handful of frauds on June 22 and July 24.

It was recovered in December 2024, illegal money was washed as part of the complex oil reservoir rental scheme that includes Newcastle, Jeffrey K. Owung residing in Washington.

“The participants in this fraud have conveyed their illegal profit through various encrypted currency accounts to try to launder the stolen money from the victims,” said the US lawyer, the American lawyer, “The American Acting Lawyer,” said. “Federal investigators and public prosecutors have moved in our office as quickly as possible to track and seize the cryptocurrency so that some losses can be returned to the victims.”

The coding context faces up to 200 years behind bars

He was accused in August 2024, and it is claimed that Auyeung and his employees whose name unveiled persuaded the unintended victims to transfer their money to the headquarters of its headquarters in Europe and Texas to generate “great profits” from renting oil tanks there.

As soon as the victims sent their money, the fraudsters stopped coding and mixing the money to the encryption accounts in Russia and Nigeria – one of which had ties with a terrorist organization.

“The money was quickly transferred to one or more than 81 different accounts at least in financial institutions, moved abroad, or moved to one or more than 19 different accounts at least from the encrypted currency, as it was used to buy cryptocurrencies, including Bitcoin, Tether, USD Coin and Ethereum.”

Auyeung is a maximum of 200 years behind bars if he is convicted of international coding fraud, although the ruling on the ruling differs from each judicial state.