- Two distinct efforts from the application of laws have gone cumulatively more than $ 300 million in stolen crypto
- Crypto heavy goods vehicles join their strengths at the police
- The asset frost is not the same as recovering them
The very nature of the blockchain often makes the recovery of the money stolen through almost impossible scams, but two separate announcements have recently confirmed more than $ 300 million in stolen cryptographic assets were frozen by the police.
First, T3 FCU, an initiative built by the heavyweight Crypto Tron, Tether and Trm Labs, alongside Binance, which also helped to freeze around 6 million dollars stolen by various “pork butcher” and romance scams, said more than $ 250 million in illicit assets in the first year.
“The freezing of more than $ 250 million in illicit assets in less than a year is a powerful testimony of what is possible when the industry meets with a common goal,” said Paolo Ardoino, CEO of Tether.
Freeze and recover
This came in parallel with a separate announcement of Chainalysis, which said that during the last six months, he has collaborated with North American agencies on two initiatives: Project Atlas (led by the Ontario Provincial Police) and the Avalanche operation (led by the BC Securities Commission).
Cumulatively, these two operations have revealed more than $ 74 million in combined losses and leads to the frost of “tens of millions of illicit funds”, bringing the total to more than $ 300 million.
“Coupé from Canada but of really global scope, Project Atlas has identified more than 2,000 crypto portfolio addresses linked to fraud victims in 14 countries, including Canada, the United States, Australia, Germany and the United Kingdom,” said Chainalysis.
“This world scope highlights both the borderless nature of cryptocurrency fraud and the international coordination required to fight it effectively.”
Although none of the two reports discusses it – it may be necessary to mention that there is a big difference between “frozen” assets and be seized or recovered. The asset frost simply means that the crooks are prevented from moving or withdrawing the funds, but that does not mean that the victims have recovered their money.
Real recovery and restitution often require long legal processes, proof of property and coordination between the courts. Lots of water under the bridge before that.
Via Bleeping Compompute
