Over $300M Seized in Crypto Linked to Fraud Schemes: Report

Two parallel initiatives by law enforcement and private companies have frozen over $300 million in crypto in an anti-fraud crackdown.

According to Bleeping Computer, blockchain intelligence firm TRM Labs, TRON, Tether, and Binance joined the T3 Financial Crime Unit (T3 FCU) initiative launched in September 2024.

Dubbed the T3+ Global Collaborator Program, the operation has seized more than $250 million in criminal assets worldwide since launch.

“Since its inception in September 2024, T3 FCU has worked closely with law enforcement agencies worldwide to identify and disrupt criminal networks,” TRM Labs said in an announcement this week.

“Freezing over $250 million in illicit assets in less than a year is a powerful testament to what’s possible when the industry comes together with a shared goal,” said Tether CEO Paolo Ardoino.

The T3 initiative has helped global law enforcement agencies to crackdown on money laundering, investment fraud and other financial crimes.

US, Canada Helped Chainalysis Track Scam Proceeds

The second initiative included agencies from the US and Canada, collaborating on several operations to freeze $74 million in crypto.

Per a Chainalysis report published on Thursday, Project Atlas, led by the Ontario Provincial Police (OPP), and Operation Avalanche, spearheaded by the BC Securities Commission, have seized crypto assets of tens of millions in illicit funds.

For instance, Project Atlas focused on identifying and disrupting investment scams. The operation involved cooperation from various law enforcement and private-sector stakeholders.

“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,” the report read.

Interestingly, the project prevented more than $70 million in cryptocurrency from being stolen.

Besides, Operation Avalanche, supported by Chainalysis, identified over $4.3 million in losses tied to Ethereum-based fraud schemes. The operation involved a range of Canadian regulatory partners, including the Ontario Provincial Police, Vancouver Police, and Delta Police Department.

Fraud Schemes Still Global Issue Despite Crypto Seized So Far

“Fraudulent investment schemes remain a global issue, especially with crypto, where regulation is still catching up in many jurisdictions,” Natalie Newson, CertiK’s Senior Blockchain Investigator told Cryptonews.

According to Newson, Ponzi schemes are unfortunately still common in crypto due to its decentralized nature. High and fast return promises still lure investors, exploiting gaps in regulatory enforcement.

“maintaining a healthy skepticism toward investments that lack transparency or are not registered with appropriate regulatory bodies is essential in safeguarding assets,” she added.

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