New York has cracked a Facebook Crypto Assets scam case targeting Russian-speaking residents.

According to a message from ChainCatcher and a report by The Block, New York City officials announced the bust of a cryptocurrency scam targeting Russian-speaking residents. The scammers used Facebook black hat ads to lead victims to a fake cryptocurrency investment website WhalesTrade.com, and then lured them into making additional investments through chats on WhatsApp and Telegram. Law enforcement has seized 140,000 USD in encryption assets, frozen approximately 300,000 USD in funds, and closed over 700 associated Meta advertising accounts. Currently, it is confirmed that there are over 300 victims, with the amount involved exceeding 1 million USD.

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