Federal Sentencing Alliance Cryptocurrency Investment Schemes:: A Primer For Criminal Investigations And Asset Recovery Procedures lit

In 2023, the FBI reported that it received approximately 69,000 IC3 criminal complaints from people that were scammed out of $5.6 billion dollars by cyber-criminals engaged in cryptocurrency investment scheme operations. Out of the 69,000 IC3 complaints received, some 57,762 were received from United States Citizens scammed out of hundreds of thousands and millions of dollars in cryptocurrency. That means the FBI received approximately 190 cryptocurrency scam complaints per day, for each and every day, in 2023. Federal law enforcement agencies are overwhelmed with the sheer number of large scale fraud complaints received and as a result, has largely been stymied due to the lack of manpower and resources necessary to deal with this growing financial crisis.

This book describes the growing, and yet to be controlled, cryptocurrency cyber-crime crisis ongoing in America, explains why federal and state law enforcement agencies have been unable to meaningfully combat it, identifies the inadequacies in certain laws, court rules and procedures, effectively crippling federal court jurisdiction for victims of cyber-crime, and delineates certain proactive procedures that could be undertaken by victims of cryptocurrency investment scams, and/or law enforcement officials, endeavoring to recover stolen cryptocurrency timely traced to cryptocurrency exchange hot wallets. Further, the Authors make suggestions what actions could be taken that would greatly reduce cyber-crime in the short term, that should be considered by agencies of the United States and the Congress. Multiple copies of this Book will be sent to the United States Congress and Attorney General.

This Book may be viewed as a Primer for law enforcement agencies and officials eager to develop an investigative plan of attack, and potential strategies for recovering cryptocurrency stolen by foreign actors. Victims of cryptocurrency scams could also use this information, and follow the steps provided, to prepare a detailed criminal complaint package with attachments in logical sequence, for presentation to law enforcement officials when making an official police complaint. We believe that the preparation of a detailed complaint package for presentation to law enforcement, including blockchain analytics tracing the stolen cryptocurrency, may greatly increase chances of timely recovery by law enforcement.

This Book may be used by law enforcement officials eager to develop an agency investigative plan for large scale cryptocurrency theft investigations, regardless of whether those scams are perpetrated by offshore actors.

For further information regarding cryptocurrency theft investigations, or preparation of a detailed initial investigation complaint package for law enforcement presentation, please feel free to reach out to us at: FederalSentencingAlliance@aol.com.

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