Federal Authorities Seize $1.1 Million in Cryptocurrency in Richmond Hill Real Estate Fraud Scheme
Federal law enforcement agencies have successfully seized over $1.18 million in cryptocurrency as part of a fraud investigation linked to a real estate transaction in Richmond Hill, Georgia. The U.S. Secret Service led the operation that unraveled a sophisticated scheme involving a fake mobile crypto exchange app used by scammers to defraud victims nationwide.
The investigation began when a real estate agent in Richmond Hill noticed suspicious activity during negotiations with a prospective buyer. The buyer claimed to be a cryptocurrency millionaire and insisted on conducting complicated crypto transactions to close the deal. He pressured the agent to download a mobile app that appeared to be a legitimate cryptocurrency trading platform but was actually controlled by the fraudsters.
Once the app was installed and funds were transferred, victims’ assets were illicitly stolen by the scammers. The U.S. Secret Service uncovered that this was part of a broader international fraud and money laundering operation targeting U.S. citizens by impersonating credible crypto advisors and using high-pressure tactics to convince victims to transfer assets to fake accounts.
Another victim, located in North Carolina, fell prey to the same fraudulent app, demonstrating the wider scope of the criminal network. After tracing the transactions and identifying the scam’s infrastructure, federal agents executed a forfeiture of the illicit cryptocurrency assets totaling approximately $1.18 million.
Officials emphasized the increasing sophistication of crypto-related fraud schemes and announced strengthened investigative efforts against such crimes. The seizure underscores the commitment of the U.S. Secret Service and federal authorities to protect consumers and uphold the integrity of financial and real estate markets.
Authorities are encouraging individuals involved in cryptocurrency transactions to exercise heightened caution, particularly when urged to use unfamiliar platforms or conduct complex transfers without thorough verification.
This case adds to a growing list of law enforcement actions tackling scams and thefts in the rapidly evolving digital currency space, highlighting the challenges posed by covert, technology-enabled criminal operations targeting unsuspecting victims.