Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Ohio AG’s New Fraud Unit Claws Back $130K from Crypto Scam

Ohio AG’s New Fraud Unit Claws Back $130K from Crypto Scam

CryptoNewsCryptoNews2024/10/09 12:09
By:Hassan Shittu

Ohio's new fraud unit has recovered $130,000 from a cryptocurrency scam targeting a 75-year-old woman, marking its first success in combating digital financial crimes.

Last updated:
October 9, 2024 06:18 EDT

Ohio’s newly created Electronic Fraud Investigations unit, established to combat growing cryptocurrency fraud, has achieved its first major success by recovering $130,000 stolen in a crypto scam.

The scam targeted a 75-year-old woman in Worthington, Ohio, and involved sophisticated tactics to trick the victim into depositing money into a Bitcoin ATM.

While the total loss was $280,000, Ohio’s Bureau of Criminal Investigation (BCI) was able to trace and retrieve nearly half of the stolen funds.

Attorney General Dave Yost highlighted the increasing threat of cryptocurrency scams, which have become more prevalent and damaging to Ohio residents. He said in the press release ,

“Criminals are hitting cryptocurrency scams hard, which can have a lasting impact on your bank account and your credit history.”

Ohio Fraud Investigations Unit: How $130K Worth Of Crypto Was Recovered

The scam that triggered the investigation began with a pop-up warning on the victim’s computer, tricking her into depositing $280,000 into a Bitcoin ATM under the false pretense of protecting her funds.

The victim was convinced she needed to act immediately to safeguard her money, a common tactic in such schemes.

The Worthington Police Department quickly sought assistance from Ohio’s new Electronic Fraud Investigations unit when it became clear that cryptocurrency was involved.

The BCI’s unit, leveraging its expertise in blockchain analysis, tracked the movement of the stolen funds through the digital ledger and froze $130,000 worth of cryptocurrency, preventing it from being moved further.

Despite the sophisticated methods employed by the scammers, the BCI’s timely intervention secured a portion of the stolen assets before they could be laundered or transferred.

Chief of Police Eric Grile praised the unit’s rapid response, stating,

“The complexities of cryptocurrency scams, which often encompass multiple and rapid movements of funds, make full recoveries difficult, but quick action allowed us to recover some of the money back for our resident.”

He also stressed the importance of reporting such scams early, noting that immediate law enforcement involvement can make a critical difference in the outcome.

As also noted by Attorney General Yost, the complexities surrounding digital financial crimes often mean full recovery of funds is rare, and prosecuting offenders can be even more challenging due to the anonymity of cryptocurrencies.

Preventing Future Scams: Vigilance and Awareness

The AG’s Office has issued warnings about the increasing prevalence of scams targeting vulnerable individuals, particularly through unsolicited online messages or fraudulent pop-ups.

These schemes often pressure victims to act quickly, bypassing typical verification steps, which often lead to significant financial losses.

Attorney General Yost urged Ohioans to stay cautious and recognize the red flags of potential fraud.

“Anytime you receive unsolicited messages asking you to invest or transfer funds, especially through cryptocurrency, take a step back. Investigate the source, and never rush into financial decisions.”

He further advised residents to report suspicious activities to local law enforcement or the BCI immediately. What’s more, users are encouraged to enhance protection against crypto scams and hacks by using high-security wallet solutions like Best Wallet .

🚨 Major crackdown on Bitcoin ATMs! Over 600 machines shut down globally, with the US leading the charge due to links to criminal activities like scams and extortion. #Bitcoin #USRegulation https://t.co/qmO3u2EMMH

— Cryptonews.com (@cryptonews) September 5, 2024

Notably, Bitcoin ATMs have been instrumental in these types of attacks and according to a recent report, in the first two months of Q3 2024, over 600 Bitcoin ATMs were taken offline globally , with the United States leading this crackdown due to concerns over their use in criminal activities such as extortion and scams.

The Federal Trade Commission (FTC) reported a tenfold increase in Bitcoin ATM-related scams since 2020, with losses exceeding $110 million in 2023, disproportionately affecting seniors.

Countries like Germany and Singapore have also imposed strict regulations or outright bans on Bitcoin ATMs to prevent illegal transactions.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04