In a notable success, Westport Police in Connecticut have managed to recover $3 million worth of cryptocurrency that was stolen by scammers in Pakistan. The victim, a local resident, had been convinced to transfer money from a retirement account into a supposed “Kraken” cryptocurrency account in January 2023.
Subsequently, between January and March 2023, the victim reported that over $3 million in Bitcoin had been withdrawn and transferred to cryptocurrency wallets they didn’t control. It’s important to note that the scammers falsely claimed to represent the legitimate U.S.-based cryptocurrency exchange Kraken.
The Westport Police Department collaborated with the Connecticut State Police Organized Crime Task Force to track the transactions and freeze all accounts linked to the scam. While the investigation led to individuals living in Pakistan, the likelihood of arrests is low.
Recovering stolen cryptocurrency is a significant achievement, as these assets can be challenging to trace and retrieve. The police department has advised residents to exercise caution when it comes to cryptocurrency scams, as scammers often employ sophisticated tactics to deceive individuals into investing in fake cryptocurrencies or sending their crypto to wallets controlled by the scammers.
For anyone considering cryptocurrency investments, conducting thorough research and only dealing with reputable companies is essential. Additionally, one should never send cryptocurrency to wallets they do not have control over.
By FCCT Editorial Team
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