The U.S. Attorney’s Office for the Southern District of Georgia has announced the forfeiture of more than $1.18 million in cryptocurrency following a financial investigation into fraud and money laundering. The funds, which have been converted to U.S. currency, were seized as part of a civil asset forfeiture action led by the office’s Asset Forfeiture Unit and the United States Secret Service (USSS).
“The Asset Forfeiture Unit of the U.S. Attorney’s Office and United States Secret Service worked diligently to locate, seize, and forfeit these funds, and are now working to identify eligible victims who may be compensated with forfeited funds,” said U.S. Attorney Heap. “This forfeiture is a testament to the drive and ingenuity of the investigative team, and the partnership between our office and the United States Secret Service.”
The investigation began after a real estate agent in Richmond Hill, Georgia reported an attempted fraud involving a person posing as a potential home buyer with an apparent background in cryptocurrency transactions. The agent recognized signs of fraudulent activity and contacted the USSS Savannah Resident Office.
According to officials, previous outreach efforts by the Secret Service had warned local realtors about such schemes targeting their industry. This outreach enabled timely reporting that led to uncovering a larger international criminal operation.
“With the continued evolution of cryptocurrency fraud, our outreach efforts are crucial to preventing unsuspecting Americans from falling victim to these crimes,” said USSS Savannah Resident Office Agent in Charge James Reno. “It was through these outreach efforts that the fraud in this case was identified, and we remain committed to educating the public and working with the U.S. Attorney’s Office to bring perpetrators of these crimes to justice.”
Investigators traced information provided by both victims and online crime reports, discovering another real estate agent in North Carolina who lost over $200,000 in cryptocurrency after being persuaded to use a fake version of a legitimate exchange application. The Secret Service tracked these transactions further, identifying an international money laundering network responsible for moving more than $100 million over a short period.
In 2024, federal authorities secured forfeiture of over $1 million through civil proceedings in Savannah. The Secret Service continues its investigation while seeking additional victims eligible for compensation from recovered assets.
The FBI operates the Internet Crime Complaint Center (IC3), which serves as a national resource for reporting cybercrime incidents at www.ic3.gov.
Senior Litigation Counsel J. Bishop Ravenel represented the United States during this case.