Outside Source
Ohio’s new fraud investigations unit recovered $130,000 lost in a crypto scam targeting a Worthington senior, marking its first success since being established.
Ohio’s newly formed Electronic Fraud Investigations unit has succeeded in recovering $130,000 lost in a crypto scam targeting a 75-year-old woman in Worthington, a suburb of Columbus, marking the unit’s first success since being created to assist local law enforcement in investigating cyber financial crimes.
Ohio Attorney General Dave Yost, who established the unit, highlighted in a Tuesday press release, on Oct. 8, the growing risk of crypto fraud and the complexity of recovering stolen funds, saying “recovering lost electronic funds can be a sophisticated goose chase […].”
The Worthington Police asked the Bureau of Criminal Investigation for help after the victim was tricked into depositing money into a Bitcoin ATM following a fake alert on her computer. Although the total loss was $280,000, BCI agents tracked and froze $130,000 using “specialized investigative tools.”
“The complexities of cryptocurrency scams – which often encompass multiple and rapid movements of funds once they are sent to scammers – make full recoveries difficult.”
Ohio Attorney General’s Office
While a portion of the stolen funds was recovered, the perpetrators remain unidentified, highlighting the challenges of prosecuting such cases due to the swift transfer of assets and the anonymity involved in cryptocurrency schemes.
Worthington Chief of Police Eric Grile stressed the importance of vigilance and quick reporting in such cases, noting that “most financial transactions are electronic, creating an opportunity for online criminals and scammers to commit crimes […].” As crypto.news reported earlier, crypto-related scams remain a growing issue. In September, approximately $46.7 million was stolen from over 10,000 victims, according to Scam Sniffer data, down from $63 million in August.
This article first appeared at crypto.news
