COBB COUNTY, Ga. — A Cobb County victim who lost hundreds of thousands of dollars in a cryptocurrency investment scam is getting some of that money back after investigators traced the stolen funds to a crypto exchange.
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Georgia Attorney General Chris Carr announced that his White Collar and Cyber Crime Unit seized and returned cryptocurrency to the victim following an investigation by the Georgia Bureau of Investigation and Operation Shamrock, a nonprofit that helps victims of cryptocurrency scams.
Investigators said the scam began when the perpetrator contacted the victim on social media, claiming they had mutual acquaintances. After building a relationship with the victim, the person introduced them to what appeared to be a legitimate cryptocurrency investment opportunity.
The victim was directed to a fake crypto trading platform that displayed what appeared to be investment gains. The platform even allowed the victim to make a small withdrawal, helping convince them the investment was legitimate.
The victim eventually deposited hundreds of thousands of dollars.
That’s when the scam fell apart.
The fake platform showed that the victim’s money had been lost, and the perpetrator told the victim the investment was gone.
GBI investigators were able to trace a significant portion of the money to a cryptocurrency exchange. Carr’s office then helped seize the cryptocurrency and obtain a court order allowing the funds to be returned to the victim.
“Our White Collar and Cyber Crime Unit is taking action to address the real and evolving threat of crypto scams,” Carr said. “We’re shutting down these criminal schemes and, most importantly, we’re returning stolen funds to hardworking Georgians.”
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The case is the latest example of Georgia investigators recovering cryptocurrency lost to scammers. Carr announced last week that his office had also helped return cryptocurrency to elderly victims in Oconee County who were tricked by scammers posing as government officials.
“Cryptocurrency scams are designed to exploit trust, urgency, and the promise of easy financial gain,” GBI Director Chris Hosey said.
Officials say there are several warning signs consumers should watch for:
- Be suspicious of anyone who guarantees profits or unusually large returns from cryptocurrency investments.
- Never send cryptocurrency to someone you met online who offers investment advice.
- Legitimate businesses and government agencies will not demand that you pay them in cryptocurrency to protect your money.
- Government officials will not contact you and tell you to move money out of your bank account.
Georgia also recently added new protections involving cryptocurrency kiosks. Gov. Brian Kemp signed HB 945 into law on July 1, requiring virtual currency kiosks to display warnings that cryptocurrency transactions can be irreversible and that losses from fraudulent or accidental transactions may not be recoverable.
If you believe you’ve been the victim of a cryptocurrency scam, officials recommend reporting it to local law enforcement, the FBI’s Internet Crime Complaint Center, the Federal Trade Commission and Operation Shamrock.
Authorities say victims should report the scam as quickly as possible and provide as much information as they can about the transactions, accounts, messages and people involved.
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