State police said they have recovered $180,000 worth of cryptocurrency that a Willimantic resident had lost to an international investment fraud scheme.
The Connecticut State Police Eastern District Major Crime Squad and Bureau of Special Investigations' Statewide Organized Crime Investigative Task Force worked as part of the State Police Cryptocurrency Working Group to recover the funds.
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WATCH HEREThe investigation began in July when the victim received a text messages from someone claiming to be a successful cryptocurrency investor and ended up transferring more than $225,000 into a fraudulent investment platform called "XeggeX," then the funds disappeared, according to state police.
Investigators worked with a cryptocurrency exchange platform and they were able to intercept and recover approximately 1.77 Bitcoin from the fraudulent wallet address and returned the funds on Tuesday, officials said.
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SIGN UP State police warn that this case, and other “pig butchering” scams, are part of a larger transnational organized crime operation that has caused more than $75 billion in losses across the world.
State police said these scammers are operating sophisticated fraud factories across Southeast Asia, targeting victims worldwide, including here in Connecticut.
Warning signs of cryptocurrency investment scams
- Unsolicited investment advice through text messages or social media
- Pressure to move conversations to WhatsApp or other messaging apps
- Claims of guaranteed high returns with no risk
- Romantic manipulation combined with investment pressure
- Requests to transfer money through cryptocurrency
- Professional-looking investment platforms with no point of contact
Connecticut State Police urge anyone who believes they might be a victim of a cryptocurrency scam to immediately contact the Virtual Currency Working Group at csp.virtualcurrency@ct.gov or your local police department.
State police said early reporting is critical for these investigations.
