Albany Prosecutors Target $12M in USDT Linked to Crypto Scam

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Federal prosecutors in Albany have filed a civil forfeiture complaint seeking to recover over $12 million in USDT tied to a crypto investment scam. The scheme centered on a fake trading platform, ShakepayEX, which impersonated a Canadian exchange. Victims were lured by text messages promising profits, only to be blocked from withdrawals and pressured to deposit more.

Officials say this approach signals that crypto scams are now treated like traditional financial crimes, with civil forfeiture used to freeze assets before they disappear.