Westport, Connecticut police assisted a crypto investor in reclaiming over $3 million in Bitcoin (BTC) after they fell victim to a high-profile financial scam.

Westport police thwart BTC scam 

In May, the Westport police reportedly initiated an investigation following a report from a victim, who had been persuaded to transfer funds from their retirement account to a Kraken crypto exchange wallet address January, as stated by Lt. Eric Woods in a news release. 

Between January and March, the victim discovered that over $3 million worth of Bitcoin had been withdrawn and moved to cryptocurrency wallets beyond their control. Collaborating with the Connecticut State Police, Westport detectives diligently traced the transactions and successfully froze all accounts linked to the scam, as confirmed by Woods.

As a result of these efforts, authorities successfully recovered over  $3 million, which has now been returned to the victim. Woods also clarified that the frozen accounts were traced back to residents of Pakistan, making the likelihood of arrests in this case highly unlikely.

In a statement issued on Sept. 29, Woods of the Westport Police Department emphasized the significance of this case, showcasing the commendable efforts of their Detective Bureau. He also reminded residents to be cautious and wary of scam schemes.

Cryptocurrency scams a cause of concern

In recent years, crypto scams have surged as bad actors continue exploiting the cryptocurrency industry’s lack of regulation. 

The Department of Financial Protection and Innovation (DFPI) offers a Crypto Scam Tracker, enabling users to search for specific complaints and providing insights into common scams and protective measures for crypto transactions.

In May, a UK couple experienced a significant setback when they became victims of a Bitcoin Go to Source to See Full Article
Author: Ogwu Osaemezu Emmanuel

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