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Cybercrime Firm Rexxfield Recovers Over $670,000 BTC Stolen From U.S. Investor

In this post:

  • Rexxfield has recovered 9.15 BTC stolen from an American investor.
  • The investor was lured by a social media influencer into sending crypto to a fake wallet controlled by scammers in Nigeria.
  • The victim received double the value lost, as BTC’s price has increased significantly since the theft.

Crypto recovery service Rexxfield has managed to recover and return 9.15 Bitcoin (BTC) stolen from a U.S. investor in mid-2023. The value of stolen assets returned to the victim had doubled from the initial $326,000 lost amid the recent increases in the price of Bitcoin.

Also read: Bitcoin Price Shows Strength: Analysts Predict Rally to $73,000

The victim was defrauded through a sophisticated online crypto scam in West Africa. Rexxfield said the victim was tricked by a social media influencer into sending a total of 10 BTC to a fake “offline wallet” controlled by scammers. 

Rexxfield Traced, Froze, and Recovered Stolen Crypto Assets

The influencer flaunted the offline wallet as a legitimate storage solution to lure the victim, who lacked good knowledge about secure crypto storage. Unaware of the scam, the victim continued communications for weeks, sending additional funds to the supposed “offline wallet.” 

Alarms finally started ringing when the “support team” at the fake platform stopped responding, leaving the victim with no way to access, withdraw or sell his Bitcoin. 

Also read: Fake Rabby Wallet App Drains Users’ Funds

The victim tried to contact local law enforcement, but little could be done due to the nature of the crime.

A friend and professional crypto entrepreneur referred the victim to Rexxfield, which was able to unravel the scam after intensive investigations. The findings helped lead to the freezing of the crypto assets by the exchange after Rexxfield unraveled the laundering process and identified the final, non-custodial wallet. Rexxfield then began monitoring that wallet and work notified by the Chainalysis reactor the very moment the wall began moving.

Rexxfield was ultimately able to negotiate with the exchange, the final destination of the crime proceeds, and have them freeze the assets temporarily, pending law enforcement request for permanent freeze.

Rexxfield Identified Three Nigerians Behind the Scam

Rexxfield identified three Nigerians in their early 20s allegedly behind the scam. Two of the suspects, 22-year-old Christopher (Redacted) and 24-year-old Chinedu Ujukwu, were arrested with the help of the Nigerian Economic and Financial Crimes Commission (EFCC).

Source: KYC documents from the exchange

The third suspect, 22-year-old Kingsley Obiegbu, remains at large. However, the local authorities are actively pushing for his arrest, according to Rexxfield.

Source: KYC documents from the exchange

The civil forfeiture process was handled by the Utah State Bureau of Investigation, and the funds were returned to the victim on 17 April 2024, the cybercrime agency said. 

Seek Help If Scammed

Recovering stolen crypto assets can be challenging, given the nature of cryptocurrency. However, it’s not impossible to freeze and retrieve the assets with the help of experts and law enforcement agencies. 

In August, Tether recovered $20 million USDT from a scammer who had attempted to steal the fund through a so-called zero transfer attack. The stablecoin issuer acted swiftly to freeze the wallet after it detected the attack, and that caught many people by surprise. 

Also Read: Tether Freezes Over $200M in USDT – Why?

Reporting the crime promptly increases the chances of recovering your lost assets before the laundering process has been completed.

This incident highlights the importance of private investigators in the fight against online crime. Rexxfield’s swift action, combined with international collaboration, showcases a successful approach to recovering stolen crypto funds.

You can contact Rexxfield directly through the following form:

Click Here.


Cryptopolitan reporting by Yaroslav Belkin

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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