Okcoin warn of ‘elder fraud’ following recovery of $1M in stolen crypto #togrp7
In a recent blog post, San Francisco-based crypto exchange Okcoin warned about “elder fraud,” adding that the elderly are the highest risk group affected by online scams. Following an investigation, the company’s risk team intercepted $1 million in stolen Ethereum and Tether and returned the tokens to the rightful owners.
Investigations revealed that the user was one of many victims who an international scam ring had targeted. Investigators estimated that the gang had netted over $4.1 million through their operations.Things came to a head when the scammers tried to launder the stolen funds by sending tokens to an unnamed centralized entity. Although not explicitly stated in the post, it’s common knowledge that centralized exchanges are in contact with one another and agree to freeze accounts suspected of criminal activity. From there, the $1 million in ETH and USDT. #togrp7