On July 23, according to The Block, the U.S. Attorney's Office for the Western District of Washington has filed a civil recovery lawsuit for $7.1 million in cryptocurrencies involved in an oil and gas investment fraud case. Prosecutors accused 47-year-old Geoffrey K. Auyeung and his accomplices of deceiving investors into transferring funds to so-called "crude oil tank escrow accounts" and promising to make profits by leasing tank space. The investigation showed that the funds involved were transferred to 81 different accounts, of which $1.9 million was used to purchase assets such as Bitcoin, USDT, USDC and Ethereum through 19 cryptocurrency accounts. Auyeung was indicted for money laundering and other crimes in 2024, and $2.3 million in stolen money in his bank account had been seized. The prosecutor said it would speed up the recovery of funds to compensate the victims. [PANews]

U.S. prosecutors seek to recover $7.1 million in cryptocurrency tied to oil and gas investment fraud