Officials reported that scammers had used crypto to pay for fake digital asset investment ads on social media platforms, leading to more than $1 million in losses for victims.
New York officials reported an investigation resulting in the recovery of $140,000 and freezing $300,000 in stolen funds as part of a cryptocurrency investment scam using fake ads on social media.
In a Wednesday notice, authorities with the Brooklyn District Attorney’s office, the New York State Attorney’s office and the New York State Department of Financial Services said they had disrupted a scheme to defraud members of the Russian community in the state and nationwide.
According to officials, the scammers used cryptocurrency to pay for fake digital asset investment ads on Facebook and other platforms, leading to the seizure of $140,000 and freezing $300,000 worth of crypto.
