US Dey Find To Seize $7.1M for Crypto from Oil & Gas Fraud
Di U.S. Department of Justice don file case we go make dem take $7.1 million cryptocurrency we relate to one crypto scam we dey target oil and gas investments. Di scam bin dey run from middle 2022 reach middle 2024 and dem blend about $97 million go inside 81 bank and crypto accounts to hide di stolen money. Prosecutors don charge Geoffrey Auyeung for money laundering because e convert the money to Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), then e send plenty money go Binance. Federal agents don freeze over $2.3 million for the related bank accounts and dem don show say investors don lose $17.9 million so far. Dis case show how DOJ dey use blockchain analytics, dey do aggressive asset seizure to fight money laundering and e show say crypto fraud still dey pose risk to traders.
Neutral
Di forfeiture and enforcement action no get chance to change market price of major cryptocurrencies like Bitcoin and Ethereum. Even if e show say regulators dey watch well well and e fit stop bad bad things, the amount wey dem seize small compared to total market size. For short term, traders fit see small small wahala for price because of enforcement news but no big price movement go follow. For long term, this kind action fit make market better and make investors feel more secure, fit help make trade stable.