TZUTC: -0500   
   MSGID: 1372.consprcy@1:2320/105 2d072dae   
   PID: Synchronet 3.21a-Linux master/123f2d28a Jul 12 2025 GCC 12.2.0   
   TID: SBBSecho 3.28-Linux master/123f2d28a Jul 12 2025 GCC 12.2.0   
   BBSID: CAPCITY2   
   CHRS: ASCII 1   
   FORMAT: flowed   
   Major crackdown freezes over $300 million in cryptocurrency stolen from scams   
      
   Date:   
   Sun, 17 Aug 2025 13:03:00 +0000   
      
   Description:   
   The crypto industry is fighting back against scams, as it aims to prevent   
   fraudsters from cashing out.   
      
   FULL STORY   
      
   The very nature of the blockchain often makes retrieving money stolen through   
   scams almost impossible, however two separate announcements have recently   
   confirmed more than $300 million of stolen crypto assets were frozen by law   
   enforcement.    
      
   First, T3 FCU, an initiative built by crypto heavyweights TRON, Tether, and   
   TRM Labs, alongside Binance, which also helped freeze roughly $6 million   
   stolen through various pig butchering and romance scams, has claimed it   
   successfully froze more than $250 million in illicit assets globally in its   
   first year.    
      
   Freezing over $250 million in illicit assets in less than a year is a    
   powerful testament to whats possible when the industry comes together with a   
   shared goal, said Paolo Ardoino, CEO of Tether.   
      
   Freezing and retrieving    
      
   This came alongside a separate announcement from Chainalysis, which said over   
   the past six months it collaborated with agencies across North America on two   
   initiatives: Project Atlas (led by the Ontario Provincial Police), and   
   Operation Avalanche (led by the BC Securities Commission).    
      
   Cumulatively, these two operations uncovered more than $74 million in    
   combined losses and led to the freezing of tens of millions in illicit funds,   
   bringing the total to more than $300 million.    
      
   Driven from Canada but truly global in scope, Project Atlas identified more   
   than 2,000 crypto wallet addresses linked to fraud victims across 14   
   countries, including Canada, the US, Australia, Germany, and the UK,   
   Chainalysis explained.    
      
   This global reach underscores both the borderless nature of cryptocurrency   
   fraud and the international coordination required to combat it effectively.    
      
   Although neither report discusses it - it is perhaps worth mentioning that   
   there is a big difference between assets being frozen and being seized, or   
   retrieved. Freezing assets simply means that the scammers are prevented from   
   moving or cashing out the funds, but it doesnt mean the victims got their   
   money back.    
      
   Actual recovery and restitution often require lengthy legal processes, proof   
   of ownership, and coordination across jurisdictions. Plenty of water under    
   the bridge before that happens.    
      
    Via BleepingComputer   
      
   ======================================================================   
   Link to news story:   
   https://www.techradar.com/pro/security/major-crackdown-freezes-over-usd300-mil   
   lion-in-cryptocurrency-stolen-from-scams   
      
   $$   
   --- SBBSecho 3.28-Linux   
    * Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)   
   SEEN-BY: 105/81 106/201 128/187 129/14 305 153/7715 154/110 218/700   
   SEEN-BY: 226/30 227/114 229/110 111 114 206 300 307 317 400 426 428   
   SEEN-BY: 229/470 664 700 705 266/512 291/111 320/219 322/757 342/200   
   SEEN-BY: 396/45 460/58 712/848 902/26 2320/0 105 304 3634/12 5075/35   
   PATH: 2320/105 229/426