Feb 04, 2023
FBI Seizes NFTs, ETH, and Watch Worth Over $100K
The Federal Bureau of Investigation (FBI) recently seized two non-fungible tokens (NFTs) valued at over $100,000 USD, as well as 86.5 Ether (ETH) and an Audemars Piguet (AP) Royal Oak Watch worth $41,000. The property was taken in connection with a phishing scam, allegedly perpetrated by Chase Senecal — known as Horror (HZ) online.
The FBI’s official notification posted on February 3rd did not provide much information on the incident, apart from the date of seizure (October 24th) and the value of the seized items. The two NFTs taken 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, and is now worth $144,000.
The FBI’s law enforcement bulletin states that federal forfeiture is a tool to “remove—without compensation for the individual—ownership of property involved in a crime.” This can be done through either a civil procedure or after the conviction of an individual in a criminal trial.
The investigation into Horror (HZ) was conducted by independent blockchain sleuth ZachXBT. His research was the key to unmasking Senecal’s identity and on-chain activity. It was the flashy AP watch that ZachXBT used to trace the payment back to the scammer. The payment was made on the blockchain with USD Coin (USDC).
ZachXBT took to Twitter on February 3rd to express his appreciation for the FBI’s actions, and hopes that other phishing scammers will suffer a similar fate. He also noted the irony of the FBI potentially using the Bored Ape NFT as their profile picture.
This is not the first time ZachXBT’s research has been used to help authorities. In October, France’s national cyber unit cited his work in apprehending a group of alleged fraudsters suspected of stealing $2.5 million worth of NFTs via phishing scams.
The seizure of these NFTs and other assets by the FBI is an important step in the fight against phishing scams in the web3 space. It also serves as a reminder to the crypto community of the importance of taking extra caution when dealing with digital assets.
For those looking to promote their NFTs, there are a number of NFT marketing agencies and web3 agencies that specialize in helping creators and collectors to sell their NFTs. These firms will help you to create an effective marketing strategy, as well as leverage social media, such as Twitter, to maximize the reach of your NFTs.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.