- Two separate law enforcement efforts cumulatively froze more than $ 300 million.
- Crypto heavy weights go along with law enforcement
- Freezing assets are not the same as picking them up
The very nature of the blockchain often makes money stolen through scams almost impossible, but two separate messages have recently confirmed more than $ 300 million of stolen crypto assets were frozen by law enforcement.
First, the T3 FCU, an initiative built by Crypto Heavyweights Tron, Tether and TRM Labs together with Binance, also helped freeze approx. 6 million dollars stolen through various “pigbutching” and romantic fraud, it successfully claimed successfully froze more than $ 250 million in illegal activities in the first year.
“Freezing of over $ 250 million in illegal assets in less than a year is a strong testimony to what is possible when the industry comes with a shared goal,” said Paolo Ardoino, CEO of Tether.
Freezing and fetching
This came along with a separate message from Chainalysis, which said over the past six months, it collaborated with agencies of North America on two initiatives: Project Atlas (led by Ontario Provincial Police) and Operation Avalanche (led by BC Securities Commission).
Cumulatively, these two operations revealed more than $ 74 million in total losses and led to freezing “tens of thousands of millions in illegal funds,” which brought the total amount to more than $ 300 million.
“Driven from Canada, but really globally in scope, the project atlas identified more than 2,000 crypto -teuting book addresses associated with fraudulent victims in 14 countries, including Canada, USA, Australia, Germany and Britain,” Chainalysis explained.
“This global reach emphasizes both the boundless nature of cryptocurrency -svig and the international coordination required to fight it effectively.”
Although none of the report discusses it – it may be worth mentioning that there is a big difference between assets that are “frozen” and are seized or picked up. Freezing assets simply means that the scammers are prevented from moving or paying out the funds, but that does not mean that the victims got their money back.
In fact, recovery and refund often require long legal processes, proof of ownership and coordination across jurisdictions. Lots of water under the bridge before it happens.
Via Bleeping computer
