Cryptocurrency Theft

12 Individuals sentenced in connection with  US$3.5 million cryptocurrency theft

The US Department of Justice has convicted 12 individuals in connection with US$3.5 million cryptocurrency theft. 

Rema Ra St Felix from West Palm Beach, Florida was sentenced to 47 years in prison. Rema was convicted for stealing more than US$3.5 million of digital assets.

Another conspirator involved in the case, Seemungal was sentenced to a 20-year prison term, followed by five years of supervised release, and was required to pay US$4,038,479.39 as part of his restitution. Seemungal pleaded guilty on Dec 19, 2023. The case involves hacking the cryptocurrency accounts of the victims as well as burglary and robbery schemes. 

Victims were held at gunpoint 

The DOJ , informed by using social media or phishing techniques, convicted individuals obtained victims' mobile phones and secured a fresh SIM card from their service providers. The scam succeeded in infiltrating digital asset accounts and moving cryptocurrency from exchanges.

“The victims were held at gunpoint in their home,” the DOJ stated, adding that a man “was abducted, held hostage, and beaten before the man was found by law enforcement 120 miles from his home.”

The case acts as a cautionary tale for those investing in cryptocurrencies and their financial consultants, highlighting the potential for a hands-on approach to digital theft.

Legal records and evidence from the trial showed that the individuals seized their victims by force, attacked them, and restrained them with plastic cord ties.