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ARTICLE · 29 AUGUST 2022

DOJ Targets Cryptocurrency Fraud, Report Cites Recent Crypto Crime Trends

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According to a press release published this week by the U.S. Department of Justice (DOJ), three individuals from Miami have been arrested for their involvement in a scheme...

United StatesTechnology
Jordan R. Silversmith
Jordan R. Silversmith
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According to a press release published this week by the U.S. Department of Justice (DOJ), three individuals from Miami have been arrested for their involvement in a scheme that used cryptocurrency to defraud U.S. banks. According to the indictment, the three defendants used stolen identities to buy more than $4 million in cryptocurrency and then falsely claimed that the cryptocurrency transactions were unauthorized. This deceived U.S. banks and a leading cryptocurrency exchange into reversing those transactions and depositing the ill-gotten funds into the defendants' bank accounts. According to the press release, the defendants' scheme resulted in U.S. banks processing more than $4 million in fraudulent transaction reversals and the cryptocurrency exchange losing more than $3.5 million in cryptocurrency. The defendants face multiple charges of fraud and conspiracy to commit fraud, and face over 30 years in prison.

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