According to the court decision, Huobi Global will return the stolen 10.2 BTC to the investor. The coins were transferred to Huobi by scammers and subsequently frozen.
US District Court Judge for the Central District of California Dolly M. Gee
approved an order to collect more than $ 600,000 (about 10.2 BTC) bitcoins from the Huobi Global wallet. The order instructs Huobi Global to freeze a wallet containing approximately $ 600,000 in bitcoin. The money belongs to a Coinbase user, from whom scammers stole $ 11.6 million worth of bitcoins in April. Thus, the victim will receive back about 5% of the stolen goods.
Investigation revealed that the amount deposited in the Huobi Global wallet was part of the money stolen from a Coinbase user by scammers. The public relations director of the U.S. Attorney’s Office in Los Angeles said the cryptocurrency exchange agreed to assist the court in recovering cryptoassets.
“Huobi has agreed to keep BTC frozen pending a request for a refund.”
The court revealed the details of the pending cryptocurrency fraud case. Immediately after purchasing 200 BTC, a Coinbase user received a notification that his account was blocked. The scammers asked to contact the platform’s support service by phone. The user contacted the scammers by phone, and believing that he was following the instructions of the exchange support service, he unintentionally provided remote access to his account. As a result, scammers stole 200 BTC and an unnamed XLM amount from the user’s wallet. The court notes that it remains unclear how the fraudster learned the user’s transaction data in order to use this information for a cyberattack. Coinbase has yet to comment on the court’s statement.
Law enforcement and cybersecurity companies use solutions that help detect stolen funds and return them to their owners. Cybersecurity group Lossless recently returned stolen assets to DeFi Cream Finance. The authorities have a wide arsenal of tools for recovering stolen money. Australian lawmakers have even drafted legislation that would allow authorized agencies to seize cryptocurrencies or freeze cryptocurrency deposits related to cybercrime. At the same time, legislation on the seizure of cryptocurrencies. obtained illegally, still requires improvement and leads to curiosities. In August, the Swedish police returned $ 1.5 million worth of bitcoins to the drug dealer, as the price of the seized crypto assets exceeded the value of the illegally obtained funds.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
