An Ohio woman, embroiled in a cryptocurrency investment scam, has had her entire life savings wiped out after trusting a seemingly misdirected text message. The United States Attorney’s Office for the Northern District of Ohio revealed details of the scheme, which has affected 33 victims nationwide, collectively losing approximately $4.9 million. Law enforcement officials have filed a complaint in forfeiture to recover more than $8.2 million in Tether (USDT) cryptocurrency as part of their ongoing investigation into the fraud.
The scam operated by exploiting trust, with fraudsters contacting victims via "wrong number" text messages, according to court documents. Perhaps in an attempt to quickly gain trust, the perpetrators would share their purported success in cryptocurrency investments. Groomed into a false sense of security, the victims were walked through the process of investing, including setting up legitimate cryptocurrency accounts and transferring their funds to phony investment platforms promising high returns. The scammers would go as far to slowly build credibility by allowing victims to withdraw a minor amount of "profits" initially.
A woman in Mentor, Ohio, fell prey to these tactics, developing a relationship over texts with the fraudster who reached out to her with a "wrong number" message in November 2023. The victim bonded with the individual over shared interests and was eventually persuaded to transfer her life savings into an estimated $663,352 into the scam. The swindler even threatened the victim's friends and family when she ran out of funds to pay the additional payments they demanded. The woman then contacted the FBI in June 2024, which led to a deeper investigation by the FBI Cleveland Division.
Following a blockchain analysis, officers identified three cryptocurrency addresses where a portion of the stolen funds was converted to USDT. With a federal seizure warrant executed in November 2024, Tether Limited transferred the seized cryptocurrencies to a wallet controlled by law enforcement. By the complaint filed on Feb. 27, 2025, the United States is looking to legally forfeit the entirety of the 8,207,578 USDT, alleging that "the cryptocurrency accounts also contained additional funds above the victims’ traceable losses" and are connected to money laundering activities, as per the complaint.
The FBI is actively looking to quell cryptocurrency scams and urges vigilance among the public, especially with the elderly who may be more susceptible to such frauds. Should anyone suspect foul play involving older adults, they're encouraged to contact the National Elder Fraud Hotline or visit the FBI’s IC3 Elder Fraud Complaint Center. Assistant United States Attorney James L. Morford represents the United States in this case, with acknowledgment made to Tether for its cooperation.
