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U.S Department of Justice seizes $24M worth of cryptocurrencies

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New York Digital Investment Group (NYDIG) Buys 10,000 BTC Worth $115 Million

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The U.S Department of Justice recently seized $24 million worth of cryptocurrencies from the Brazilian government. The funds were gotten from a crypto investment scheme that scammed many Brazilian investors of more than $200 million. From 2017-2019, the fraudulent group operated a cryptocurrency investment scheme with a high-interest rate model, raising funds from several Brazilian investors.

The Justice Department, in a press release, disclosed that they had cooperated with the Brazilian government to report the event. According to the announcement, the U.S Justice Department got involved in the investigation under the request of the Brazilian government based on the Mutual Legal Assistance Treaty with the Brazilian government.

The authorities seized the funds from accounts belonging to a Brazilian crime cartel. However, the specific brand where the funds are held has not been disclosed yet.

In addition to that, Brazilian law enforcement agencies have accused the groups, including Marcos Antonio Fagundes, who is the primary contact in the group, of money laundering, financial institution management, securities law violations, etc. Meanwhile, the Brazilian courts still have authority over the funds in the United States.

U.S DOJ seizes fraudulent crypto schemes

U.S. Department of Justice confiscate fraudulent crypto accounts

Earlier this year, the U.S government seized more than 300 cryptocurrency accounts handled by terrorist groups. The agency revealed three terrorist groups that use cryptocurrencies and social media to raise funds for their inhumane rallies.

The crypto accounts were operated by the three most terrific organizations, namely ISIS, al-Qaeda, and Hamas. There have also been a series of crackdowns relating to cryptocurrencies in the United States. One of such crackdowns is the accusation labeled on BitMEX, a cryptocurrency derivatives exchange, by the U.S Department of Justice.

Reports also disclose that police authorities seized 2,500 BTC from two criminals for money laundering, not only in the U.S but in the Netherlands too.

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