The U.S. Attorney’s Office for the Western District of Washington filed a civil action on Tuesday seeking the forfeiture of over $7 million in digital assets recovered from a massive crypto scheme, a new press release from the Department of Justice shows. Fraudsters Stole $97 Million in Crypto Scheme, New Press Release Shows According to the July 23 press release , U.S. officials are looking to forfeit $7.1 million, just a sliver of the $97 million stolen by a handful of crypto fraudsters between June 22 and July 24. U.S. commences civil action to forfeit $7.1 million in cryptocurrency tied to oil and gas storage fraud scheme – Crypto seized from wallets tied to Russian and Nigerian IP addresses https://t.co/LoCQb0yC06 — WDWAnews (@WDWAnews) July 22, 2025 Recovered in December 2024, the illicit funds were laundered as part of a complex oil tank rental scheme involving Newcastle, Washington resident Geoffrey K. Auyeung. “The co-schemers in this fraud moved their ill-gotten gain through various cryptocurrency accounts to try to launder the money stolen from victims,” said Acting U.S. Attorney Miller. “Federal investigators and prosecutors in our office moved as quickly as possible to trace and seize the cryptocurrency so that some of the losses can be returned to victims.” Crypto Fraudster Faces Up to 200 Years Behind Bars Indicted in August 2024, Auyeung and his unnamed co-conspirators allegedly convinced unwitting victims to move their funds into escrow accounts based in Europe and Texas in order to generate “significant profits” from renting out oil tanks there. Once victims sent their money, the crypto fraudsters stopped responding and shuffled the funds to crypto accounts in Russia and Nigeria—one of which had ties to a terrorist organization. “The money was quickly moved to one or more of at least 81 different accounts at financial institutions, moved offshore, or moved to one or more of at least 19 different cryptocurrency accounts, where it was used for the purchase of cryptocurrencies, including Bitcoin, Tether, USD Coin, and Ethereum,” the press release states. Auyeung faces a maximum of 200 years behind bars if convicted for the international crypto fraud , though sentencing varies per jurisdiction.The U.S. Attorney’s Office for the Western District of Washington filed a civil action on Tuesday seeking the forfeiture of over $7 million in digital assets recovered from a massive crypto scheme, a new press release from the Department of Justice shows. Fraudsters Stole $97 Million in Crypto Scheme, New Press Release Shows According to the July 23 press release , U.S. officials are looking to forfeit $7.1 million, just a sliver of the $97 million stolen by a handful of crypto fraudsters between June 22 and July 24. U.S. commences civil action to forfeit $7.1 million in cryptocurrency tied to oil and gas storage fraud scheme – Crypto seized from wallets tied to Russian and Nigerian IP addresses https://t.co/LoCQb0yC06 — WDWAnews (@WDWAnews) July 22, 2025 Recovered in December 2024, the illicit funds were laundered as part of a complex oil tank rental scheme involving Newcastle, Washington resident Geoffrey K. Auyeung. “The co-schemers in this fraud moved their ill-gotten gain through various cryptocurrency accounts to try to launder the money stolen from victims,” said Acting U.S. Attorney Miller. “Federal investigators and prosecutors in our office moved as quickly as possible to trace and seize the cryptocurrency so that some of the losses can be returned to victims.” Crypto Fraudster Faces Up to 200 Years Behind Bars Indicted in August 2024, Auyeung and his unnamed co-conspirators allegedly convinced unwitting victims to move their funds into escrow accounts based in Europe and Texas in order to generate “significant profits” from renting out oil tanks there. Once victims sent their money, the crypto fraudsters stopped responding and shuffled the funds to crypto accounts in Russia and Nigeria—one of which had ties to a terrorist organization. “The money was quickly moved to one or more of at least 81 different accounts at financial institutions, moved offshore, or moved to one or more of at least 19 different cryptocurrency accounts, where it was used for the purchase of cryptocurrencies, including Bitcoin, Tether, USD Coin, and Ethereum,” the press release states. Auyeung faces a maximum of 200 years behind bars if convicted for the international crypto fraud , though sentencing varies per jurisdiction.
Washington State Moves To Forfeit $7.1 Million Worth Of Crypto From International Fraud Scheme
The U.S. Attorney’s Office for the Western District of Washington filed a civil action on Tuesday seeking the forfeiture of over $7 million in digital assets recovered from a massive crypto scheme, a new press release from the Department of Justice shows.
Fraudsters Stole $97 Million in Crypto Scheme, New Press Release Shows
According to the July 23 press release, U.S. officials are looking to forfeit $7.1 million, just a sliver of the $97 million stolen by a handful of crypto fraudsters between June 22 and July 24.
Recovered in December 2024, the illicit funds were laundered as part of a complex oil tank rental scheme involving Newcastle, Washington resident Geoffrey K. Auyeung.
“The co-schemers in this fraud moved their ill-gotten gain through various cryptocurrency accounts to try to launder the money stolen from victims,” said Acting U.S. Attorney Miller. “Federal investigators and prosecutors in our office moved as quickly as possible to trace and seize the cryptocurrency so that some of the losses can be returned to victims.”
Crypto Fraudster Faces Up to 200 Years Behind Bars
Indicted in August 2024, Auyeung and his unnamed co-conspirators allegedly convinced unwitting victims to move their funds into escrow accounts based in Europe and Texas in order to generate “significant profits” from renting out oil tanks there.
Once victims sent their money, the crypto fraudsters stopped responding and shuffled the funds to crypto accounts in Russia and Nigeria—one of which had ties to a terrorist organization.
“The money was quickly moved to one or more of at least 81 different accounts at financial institutions, moved offshore, or moved to one or more of at least 19 different cryptocurrency accounts, where it was used for the purchase of cryptocurrencies, including Bitcoin, Tether, USD Coin, and Ethereum,” the press release states.
Auyeung faces a maximum of 200 years behind bars if convicted for the international crypto fraud, though sentencing varies per jurisdiction.
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Fundstrat’s Internal Report Contradicts CIO Tom Lee’s Bold Crypto Forecasts
The post Fundstrat’s Internal Report Contradicts CIO Tom Lee’s Bold Crypto Forecasts appeared on BitcoinEthereumNews.com. Key Points: Fundstrat internal report
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BitcoinEthereumNews2025/12/21 13:19
SEC Backs Nasdaq, CBOE, NYSE Push to Simplify Crypto ETF Rules
The US SEC on Wednesday approved new listing rules for major exchanges, paving the way for a surge of crypto spot exchange-traded funds.
On Wednesday, the regulator voted to let Nasdaq, Cboe BZX and NYSE Arca adopt generic listing standards for commodity-based trust shares. The decision clears the final hurdle for asset managers seeking to launch spot ETFs tied to cryptocurrencies beyond Bitcoin and Ether.
In July, the SEC outlined how exchanges could bring new products to market under the framework. Asset managers and exchanges must now meet specific criteria, but will no longer need to undergo drawn-out case-by-case reviews.
Solana And XRP Funds Seen to Be First In Line
Under the new system, the time from filing to launch can shrink to as little as 75 days, compared with up to 240 days or more under the old rules.
“This is the crypto ETP framework we’ve been waiting for,” Bloomberg research analyst James Seyffart said on X, predicting a wave of new products in the coming months.
The first filings likely to benefit are those tracking Solana and XRP, both of which have sat in limbo for more than a year.
SEC Chair Paul Atkins said the approval reflects a commitment to reduce barriers and foster innovation while maintaining investor protections. The move comes under the administration of President Donald Trump, which has signaled strong support for digital assets after years of hesitation during the Biden era.
New Standards Replace Lengthy Reviews And Repeated Denials
Until now, the commission reviewed each application separately, requiring one filing from the exchange and another from the asset manager. This dual process often dragged on for months and led to repeated denials. Even Bitcoin spot ETFs, finally approved in Jan. 2024, arrived only after years of resistance and a legal battle with Grayscale.
According to Bloomberg ETF analyst Eric Balchunas, the streamlined rules could apply to any cryptocurrency with at least six months of futures trading on the Coinbase Derivatives Exchange. That means more than a dozen tokens may now qualify for listing, potentially unleashing a new wave of altcoin ETFs.
SEC Clears Grayscale Large Cap Fund Tracking CoinDesk 5 Index
The SEC also approved the Grayscale Digital Large Cap Fund, which tracks the CoinDesk 5 Index, including Bitcoin, Ether, XRP, Solana and Cardano. Alongside this, it cleared the launch of options linked to the Cboe Bitcoin US ETF Index and its mini contract, broadening the set of crypto-linked derivatives on regulated US markets.
Analysts say the shift shows how far US policy has moved. Where once regulators resisted digital assets, the latest changes show a growing willingness to bring them into the mainstream financial system under established safeguards
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CryptoNews2025/09/18 12:40
Bank of Canada cuts rate to 2.5% as tariffs and weak hiring hit economy
The Bank of Canada lowered its overnight rate to 2.5% on Wednesday, responding to mounting economic damage from US tariffs and a slowdown in hiring. The quarter-point cut was the first since March and met predictions from markets and economists. Governor Tiff Macklem, speaking in Ottawa, said the decision was unanimous. “With a weaker economy […]
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Cryptopolitan2025/09/17 23:09