Ohio AG’s new fraud unit recovers $130k from crypto scam

Ohio’s new fraud investigation unit has achieved its first success since its inception, recovering $130,000 lost in a crypto scam targeting a Worthington senior.

Ohio’s newly formed Wire Fraud Investigation unit was able to recover $130,000 lost in a crypto scam targeting a 75-year-old woman in Worthington, a suburb of Columbus; This was the unit’s first success since it was established to assist local law enforcement with cyber financial investigations. crimes.

Ohio Attorney General Dave Yost, who founded the unit, highlighted the increased risk of crypto fraud and the complexity of recovering stolen funds in a press release on Tuesday, October 8, saying: “Recovering lost electronic funds can be a complicated goose chase.” […].”

Worthington Police requested assistance from the Bureau of Criminal Investigation after the victim was tricked into depositing money into a Bitcoin ATM following a fake alert on his computer. Although the total loss was $280,000, BCI agents tracked and froze $130,000 using “special investigative tools.”

“The complexity of cryptocurrency scams, which often involve multiple and rapid movements of funds once sent to scammers, makes full recovery difficult.”

Ohio Attorney General’s Office

While some of the stolen funds were recovered, the identity of the perpetrators could not be determined; This highlights the difficulty of prosecuting such cases due to the rapid transfer of assets and anonymity in cryptocurrency schemes.

Worthington Police Chief Eric Grile emphasized the importance of vigilance and prompt reporting in such situations, noting that “most financial transactions are electronic, creating an opportunity for online criminals and fraudsters to commit crimes.” […].” As crypto.news previously reported, crypto-related scams continue to be a growing problem. According to Scam Sniffer data, approximately $46.7 million was stolen from more than 10,000 victims in September; This rate was 63 million dollars in August.