The U.S. Lawyer’s Workplace for the Western District of Washington filed a civil motion on Tuesday in search of the forfeiture of over $7 million in digital belongings recovered from a large crypto scheme, a brand new press launch from the Division of Justice exhibits.
Fraudsters Stole $97 Million in Crypto Scheme, New Press Launch Exhibits
In response to the July 23 press launch, U.S. officers need to forfeit $7.1 million, only a sliver of the $97 million stolen by a handful of crypto fraudsters between June 22 and July 24.
U.S. commences civil motion to forfeit $7.1 million in cryptocurrency tied to grease and gasoline 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 have been laundered as a part of a posh oil tank rental scheme involving Newcastle, Washington resident Geoffrey Okay. Auyeung.
“The co-schemers on this fraud moved their ill-gotten acquire by way of numerous cryptocurrency accounts to attempt to launder the cash stolen from victims,” stated Performing U.S. Lawyer Miller. “Federal investigators and prosecutors in our workplace moved as rapidly as doable to hint and seize the cryptocurrency in order that among the losses will be returned to victims.”
Crypto Fraudster Faces As much as 200 Years Behind Bars
Indicted in August 2024, Auyeung and his unnamed co-conspirators allegedly satisfied unwitting victims to maneuver their funds into escrow accounts based mostly in Europe and Texas in an effort to generate “important earnings” from renting out oil tanks there.
As soon as victims despatched their cash, the crypto fraudsters stopped responding and shuffled the funds to crypto accounts in Russia and Nigeria—one in all which had ties to a terrorist group.
“The cash was rapidly moved to a number of of a minimum of 81 totally different accounts at monetary establishments, moved offshore, or moved to a number of of a minimum of 19 totally different cryptocurrency accounts, the place it was used for the acquisition of cryptocurrencies, together with Bitcoin, Tether, USD Coin, and Ethereum,” the press launch states.
Auyeung faces a most of 200 years behind bars if convicted for the worldwide crypto fraud, although sentencing varies per jurisdiction.
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