TZUTC: -0500
MSGID: 1372.consprcy@1:2320/105 2d072dae
PID: Synchronet 3.21a-Linux master/123f2d28a Jul 12 2025 GCC 12.2.0
TID: SBBSecho 3.28-Linux master/123f2d28a Jul 12 2025 GCC 12.2.0
BBSID: CAPCITY2
CHRS: ASCII 1
FORMAT: flowed
Major crackdown freezes over $300 million in cryptocurrency stolen from scams

Date:
Sun, 17 Aug 2025 13:03:00 +0000

Description:
The crypto industry is fighting back against scams, as it aims to prevent
fraudsters from cashing out.

FULL STORY

The very nature of the blockchain often makes retrieving money stolen through
scams almost impossible, however two separate announcements have recently
confirmed more than $300 million of stolen crypto assets were frozen by law
enforcement. 

First, T3 FCU, an initiative built by crypto heavyweights TRON, Tether, and
TRM Labs, alongside Binance, which also helped freeze roughly $6 million
stolen through various pig butchering and romance scams, has claimed it
successfully froze more than $250 million in illicit assets globally in its
first year. 

Freezing over $250 million in illicit assets in less than a year is a 
powerful testament to whats possible when the industry comes together with a
shared goal, said Paolo Ardoino, CEO of Tether.

Freezing and retrieving 

This came alongside a separate announcement from Chainalysis, which said over
the past six months it collaborated with agencies across North America on two
initiatives: Project Atlas (led by the Ontario Provincial Police), and
Operation Avalanche (led by the BC Securities Commission). 

Cumulatively, these two operations uncovered more than $74 million in 
combined losses and led to the freezing of tens of millions in illicit funds,
bringing the total to more than $300 million. 

Driven from Canada but truly global in scope, Project Atlas identified more
than 2,000 crypto wallet addresses linked to fraud victims across 14
countries, including Canada, the US, Australia, Germany, and the UK,
Chainalysis explained. 

This global reach underscores both the borderless nature of cryptocurrency
fraud and the international coordination required to combat it effectively. 

Although neither report discusses it - it is perhaps worth mentioning that
there is a big difference between assets being frozen and being seized, or
retrieved. Freezing assets simply means that the scammers are prevented from
moving or cashing out the funds, but it doesnt mean the victims got their
money back. 

Actual recovery and restitution often require lengthy legal processes, proof
of ownership, and coordination across jurisdictions. Plenty of water under 
the bridge before that happens. 

 Via BleepingComputer

======================================================================
Link to news story:
https://www.techradar.com/pro/security/major-crackdown-freezes-over-usd300-mil
lion-in-cryptocurrency-stolen-from-scams

$$
--- SBBSecho 3.28-Linux
 * Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)
SEEN-BY: 105/81 106/201 128/187 129/14 305 153/7715 154/110 218/700
SEEN-BY: 226/30 227/114 229/110 111 114 206 300 307 317 400 426 428
SEEN-BY: 229/470 664 700 705 266/512 291/111 320/219 322/757 342/200
SEEN-BY: 396/45 460/58 712/848 902/26 2320/0 105 304 3634/12 5075/35
PATH: 2320/105 229/426