U.S. prosecutors seek to recover $7.1 million in cryptocurrency linked to an oil and gas investment fraud case
The Internet reported that the U.S. Attorney's Office for the Western District of Washington has filed a civil recovery lawsuit against US$7.1 million in cryptocurrency involved in an oil and gas investment fraud case. Prosecutors accuse Geoffrey K.Auyeung, 47, and his associates of deceiving investors to transfer funds into so-called "crude oil tank custody accounts" and promising to make a profit by leasing tank space. The investigation showed that the funds involved were transferred to 81 different accounts, of which US$1.9 million was used to purchase assets such as Bitcoin, USDT, USDC and Ethereum through 19 cryptocurrency accounts. Auyeung was charged in 2024 on money laundering and other charges after $2.3 million in stolen money in his bank account was seized. Prosecutors said they would speed up the recovery of funds to compensate victims.
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