New York cracks down on a Facebook cryptocurrency scam targeting Russian-speaking residents

ChainCatcher news, according to The Block, New York City officials announced the bust of a cryptocurrency scam targeting Russian-speaking residents. The scammers led victims to a fake cryptocurrency investment website WhalesTrade.com through Facebook black hat ads, and then lured them into additional investments via WhatsApp and Telegram chats.

Law enforcement has seized $140,000 in cryptocurrency assets, frozen approximately $300,000 in funds, and shut down over 700 associated Meta ad accounts. Currently, more than 300 victims have been confirmed, with the amount involved exceeding $1 million.