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Washington State Seeks to Forfeit $7.1 Million in Cryptocurrency Linked to Global Fraud Operation
The U.S. Attorney’s Office for the Western District of Washington initiated a civil action on Tuesday aimed at forfeiting over $7 million in digital assets obtained from a large-scale cryptocurrency scheme, as indicated by a recent press release from the Department of Justice.
Fraudsters Embezzled $97 Million in Crypto Scheme, Recent Press Release Reveals
As per the press release dated July 23, U.S. authorities are seeking to forfeit $7.1 million, a small portion of the $97 million misappropriated by a group of cryptocurrency fraudsters between June 22 and July 24.
U.S. initiates civil action to forfeit $7.1 million in cryptocurrency linked to oil and gas storage fraud scheme – Crypto seized from wallets associated with Russian and Nigerian IP addresses https://t.co/LoCQb0yC06
— WDWAnews (@WDWAnews) July 22, 2025
Recovered in December 2024, the illicit assets were laundered as part of a sophisticated oil tank rental scheme involving Geoffrey K. Auyeung, a resident of Newcastle, Washington.
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“The co-conspirators in this fraud transferred their illegally obtained funds through various cryptocurrency accounts to attempt to launder the money taken from victims,” stated Acting U.S. Attorney Miller. “Federal investigators and prosecutors in our office acted swiftly to trace and seize the cryptocurrency so that some of the losses can be returned to the victims.”
Crypto Fraudster Faces Up to 200 Years in Prison
Indicted in August 2024, Auyeung and his unnamed accomplices reportedly persuaded unsuspecting victims to deposit their funds into escrow accounts located in Europe and Texas, promising to generate “significant profits” from renting oil tanks in those regions.
After victims transferred their money, the crypto fraudsters ceased communication and redirected the funds to cryptocurrency accounts in Russia and Nigeria—one of which was linked to a terrorist organization.
“The funds were swiftly transferred to one or more of at least 81 different accounts at financial institutions, moved offshore, or sent to one or more of at least 19 different cryptocurrency accounts, where they were utilized for purchasing cryptocurrencies, including Bitcoin, Tether, USD Coin, and Ethereum,” the press release notes.
Auyeung faces a potential sentence of up to 200 years in prison if convicted of the international cryptocurrency fraud, although sentencing may differ by jurisdiction.
The post Washington State Moves To Forfeit $7.1 Million Worth Of Crypto From International Fraud Scheme appeared first on Cryptonews.
