Ivars Auzins is a Latvian citizen who was accused of wire fraud and securities fraud by using eight companies that were alleged in the mining or investment in crypto assets. He was extradited to America to face a six-count charge.
Breon Peace, United States Attorney for Eastern District of New York pointed out:
“Auzins perpetrated a brazen scheme in which he fleeced investors who funneled millions of dollars into fraudulent cryptocurrency.”
“This office will continue to vigorously investigate and prosecute those who lie and steal from investors, including those like the defendant who operate from abroad.”
Auzins used aliases to conceal his identity, according to the indictment. As a result, he operated “Auzins Entities,” which advertised crypto mining and investments through websites, social media, and email campaigns. According to the announcement
“Some of the Auzins Entities – Denaro and Bitroad Limited – purported to raise funds from investors through Initial coin offerings (ICOs). Other Auzins Entities purported to be cryptocurrency investment platforms that provided investors with different investment plans and profit rates.”
The Auzins Entities were capable of siphoning more than $7,000,000 in crypto assets from investors in the U.S.A and other places. This took place between November 2017 – July 2019, and the Auzins Entities went undercover shortly afterwards.
Chainalysis has released a report on the topic. It should be noted Crypto scams have seen a drop of 65% since 2022.
The drop in scam revenue was linked to Bitcoin’s bearish momentum, which has seen the leading cryptocurrency decline by at least 70% from its all-time high (ATH) price of $69K recorded in November last year.
Chainalysis’ report revealed that the number of people falling for cryptocurrency scams has declined.