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

Crypto recovery service Rexxfield has managed to recover and return almost 10 Bitcoin (BTC) stolen from a U.S. investor some years ago. 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 Intercepts to Freeze the Stolen 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 only little could be done due to the nature of the crime.

Through a friend, the victim engaged Rexxfield, which was able to unravel the scam after intensive investigations, the company said. The findings helped lead to the freezing of the assets by the exchange where the funds were deposited. 

Rexxfield Identifies 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, have been apprehended with the help of the Nigerian Economic and Financial Crimes Commission (EFCC).

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

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 Ibiam Wayas