Silicon Valley prosecutor says her office has been flooded with with reports of similar scams, in which cybercriminals use dating sites to meet romantic partners they later entice to invest in fake crypto companies.
Binance logo displayed on a phone screen and representation of cryptocurrency are seen in this illustration photo taken in Krakow, Poland on February 16, 2022. In a small win for law enforcement, Binance, the world’s largest cryptocurrency exchange, recently transferred 318,000 USDT , a cryptocurrency pegged to the value of the U.S. dollarworth about the same amount in US currency — to an account controlled by the Santa Clara County District Attorney’s office.
The seizure shows that regardless of a cryptocurrency exchange’s jurisdiction — Binance is based in the Cayman Islands — even multi-national crypto firms comply with federal and local regulatory and legal requirements.from romance scams, many carried out using online dating sites, have “skyrocketed” recently, and in 2021, reached an all-time high, of $547 million.
The total amount recovered from Binance includes the $243,000 invested from a victim identified in the affidavit as “ASR,” of Santa Clara county, among numerous others from around the world. ASR attempted to withdraw his money four times, failing each time. Eventually, by February, ASR reached out to federal agencies, including the FBI and the Federal Trade Commission, and spoke with county law enforcement in May.As of May 18, the Santa Clara District Attorney’s Office was in possession of the seized USDT, and will begin the process of returning the seized funds in coming weeks.
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