U.S. Justice Department Freezes Over $580M In Nationwide Crypto Scam Crackdown

The U.S. Department of Justice has frozen or seized assets worth more than $580 million in the past three months as part of a sweeping crackdown on cryptocurrency-related fraud.

Officials say this sum represents the success of a new intervention model targeting a sprawling network of Asia-based scams.

At the heart of these operations are criminal organizations exploiting mass text messages and realistic-looking investment platforms to build trust with victims before channelling their funds into global money-laundering operations.

While some illegal profits are intercepted during intermediary transactions, a significant portion of seized assets ends up in state custody through civil court proceedings.

The Justice Department notes that though it strives to return as much as possible to victims, there is no assurance of a full recovery.

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