Feb 04, 2023
FBI Seizes NFTs, ETH and AP Watch Worth Over $100,000
The Federal Bureau of Investigation (FBI) recently seized two non-fungible tokens (NFTs) worth more than $100,000 and 86.5 Ether (ETH) from a reported phishing scammer.
The scammer in question, Chase Senecal — known as Horror (HZ) online — was exposed via an extensive investigation by independent blockchain sleuth ZachXBT posted in September.
The FBI’s official notification posted on Feb. 3 outlined that Seneca’s property — which also included an Audemars Piguet (AP) Royal Oak Watch worth $41,000 — was “seized for federal forfeiture for violation of federal law.”
The NFTs seized were Bored Ape Yacht Club#9658, and Doodle #3114, valued at $95,495 and $9,361, respectively, at the time of seizure. The 86.5 ETH was valued at $116,433 at the time of seizure, but is now worth $144,000.
The FBI’s notification did not provide further details on the legal proceedings against Senecal. Federal forfeiture is a law enforcement tool that enables the government to “remove—without compensation for the individual—ownership of property involved in a crime.”
ZachXBT noted via Twitter on Feb. 3 that the property seizure did “come as a result” of his investigation. He expressed hope that more phishing scammers will “suffer a similar fate in the future for harming so many people in this space.”
The flashy AP watch was one of the key identifiers that helped ZachXBT unmask Senecal’s identity and on-chain activity during the investigation.
ZachXBT’s research has played a key role in helping government authorities in the past. In October, France’s national cyber unit cited his work in helping it catch and charge a group of alleged fraudsters on suspicion of stealing $2.5 million worth of NFTs via phishing scams.
The seizure of these NFTs marks an important moment for the crypto space, as it demonstrates that law enforcement is taking the issue of crypto fraud seriously. It is also a reminder of the importance of staying vigilant when it comes to NFT promotion and marketing.
NFTs are becoming increasingly popular, and with the rise of web3, NFT marketing is now a viable option for businesses looking to promote their products and services. However, it is important to ensure that any marketing campaign is conducted responsibly and ethically, and that any promotional material is compliant with local laws and regulations.
Twitter is one of the most popular platforms for NFT promotion, and businesses should be aware that Twitter has its own rules and guidelines for NFT marketing. It is also important to work with a reputable NFT marketing agency, as they will have the expertise and experience to ensure that your NFT promotion is effective and compliant.
At the same time, the NFT space is still in its early stages and there are a lot of opportunities for businesses to capitalize on the growing popularity of NFTs. With the right strategy, businesses can use NFTs to create powerful promotional campaigns and build brand recognition.
The seizure of these NFTs is a reminder that cryptocurrency fraud is still a major issue and that law enforcement is taking it seriously. It is also a reminder that businesses should take extra care when it comes to NFT promotion and marketing, and that they should work with a reputable NFT marketing agency to ensure that their campaigns are effective and compliant.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
