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More Than $500,000 In Bitcoin Stolen From A Coinbase User Is Recovered And Returned By The US Government

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The United States Attorney’s Office has successfully recovered more than $500,000 in Bitcoin (BTC) stolen from an elderly Asheville, North Carolina resident.

The scammers, who are thought to be operating from overseas, pretended to be with the Office of the Inspector General, according to the civil lawsuit filed in August.

The scammers phoned the victim and informed him that his personal information had been utilized in criminal activity. He was then told that he needed to deposit money into a supposedly secure government account while officials investigated.

As a result, the victim utilized his retirement funds to purchase Bitcoin via the cryptocurrency exchange Coinbase and sent 12.164699 BTC worth $574,766 to the imposters’ account.

The transaction was recognised as a potential elder financial scam by Coinbase and the FBI, resulting in the successful recovery of the coins. According to US Attorney Dena J. King, stolen crypto assets will be returned to the victim following the forfeiture.