DEA Sends $50K Worth Of Cryptocurrency To Scammers After Getting Conned: Report
Portfolio Pulse from Mehab Qureshi
The Drug Enforcement Administration (DEA) reportedly lost over $50,000 in cryptocurrency to a scammer. The scammer exploited the DEA's method of checking the first and last characters of account identifiers, creating a fake address that matched the DEA's test payment to the United States Marshals Service. The scammer received a single transaction of just over $55,000 before the fraud was discovered. The DEA, working with the FBI, traced the converted funds to Ethereum (CRYPTO: ETH) and tracked their transfer to a new wallet.
August 25, 2023 | 5:51 am
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NEUTRAL IMPACT
The scammer converted the stolen funds into Ethereum (CRYPTO: ETH) and transferred them to a new wallet. The identity of the user remains unknown.
The news does not directly impact Ethereum's price as it is more about the security and regulatory issues surrounding cryptocurrency transactions. However, it does highlight the use of Ethereum in illicit activities, which could potentially influence regulatory actions in the future.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
NEUTRAL IMPACT
The DEA had seized over $500,000 in Tether (CRYPTO: USDT) from two Binance accounts suspected of being used for illegal activities. The scammer received a single transaction of just over $55,000 in Tether.
The news does not directly impact Tether's price as it is more about the security and regulatory issues surrounding cryptocurrency transactions. However, it does highlight the use of Tether in illicit activities, which could potentially influence regulatory actions in the future.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75