02/13/2025
Internet fraud or cryptocurrency fraud occurs every 36 seconds in the United States. This person received help, but there are many many many more everyday that don't. Watch your security, and if you need help, reach out.
The Connecticut State Police Eastern District Major Crime Squad and Bureau of Special Investigations' Statewide Organized Crime Investigative Task Force (SOCITF), working as part of the State Police Cryptocurrency Working Group, successfully recovered and returned approximately $180,000 worth of cryptocurrency to a Willimantic resident who fell victim to an international investment fraud scheme.
The investigation began in July 2024 when the victim received unsolicited text messages from an individual claiming to be a successful cryptocurrency investor. Through sophisticated social engineering tactics, the scammer convinced the victim to transfer over $225,000 into a fraudulent investment platform called "XeggeX." before disappearing with the funds.
Working in collaboration with a compliant cryptocurrency exchange platform, investigators were able to intercept and recover approximately 1.77 Bitcoin from the fraudulent wallet address. The funds were safely returned to the victim on February 12, 2025, under court order.
This case, along with other “pig butchering” scams are part of a larger transnational organized crime operation that has caused over $75 billion in losses globally. These scammers are operating sophisticated fraud factories across Southeast Asia, targeting victims worldwide, including here in Connecticut.
Warning Signs of Cryptocurrency Investment Scams:
- Unsolicited investment advice through text messages or social media
- Pressure to move conversations to WhatsApp or other messaging apps
- Claims of guaranteed high returns with no risk
- Romantic manipulation combined with investment pressure
- Requests to transfer money through cryptocurrency
- Professional-looking investment platforms with no point of contact
The Connecticut State Police urges anyone who believes they may be a victim of a cryptocurrency scam to immediately contact the Virtual Currency Working Group at [email protected] or your local police department. Early reporting is critical for these investigations.