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US Justice department recovers stolen Bitcoins and returns it to the victim

The US Justice Department recovers stolen Bitcoins from an imposter and returns them to the victim. It was an elderly man who was scammed into believing that his identity was being used for drug trafficking and money laundering scheme. This was the reason that, out of fear and the imposter’s instructions, the man transferred his Bitcoins to the imposter from his Coinbase account.

The victim gets back his Bitcoins

The US DOJ was able to get a hand on the imposter and seize the funds that were stolen in the first place. Then it was returned to the victim. Last year in August, the man got a call from the imposter claiming to be from the Office of the Inspector General. And when threatened with critical terms like drug trafficking and money laundering, the victim fell prey to giving his assets to the imposter. As he was told they will be frozen otherwise.

US Justice department recovers stolen Bitcoins and returns it

Bitcioin

The imposter told the victim that he needed to store his funds in a secure government account until they confirmed that he was not the one originally involved in criminal activity. They also had demanded all the personal information of the elderly man and his account details. The man then transferred 12.164699 Bitcoins worth more than $550k to the imposter’s account via Coinbase.

After proper investigation, the FBI was able to identify the perpetrator and were able to seize the funds. Finally, the elderly man got back his Bitcoins.

This shows why the awareness program is necessary

Recently, the US Treasury launched a crypto awareness program to educate people on digital assets. They want to raise awareness around the subject without harming innovation. The recent incident shows that still a lot of people fall prey to scams. Therefore, one of the targets of the program is to reduce scams and ensure the overall growth of the industry. It will also make sure that investors don’t fall prey to meme coins.

The US will be able to become a leader in the crypto space only when there is awareness among the citizens. Otherwise, investors will keep losing money, and digital currencies will be considered money for criminals.


What are your thoughts as the US Justice department recovers stolen Bitcoins and returns them? And do you think that the Awareness program will be able to solve it? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Economist Peter Schiff talks about Bitcoin recovery.

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