U.S. officials launch new efforts to fight crypto fraud

WASHINGTON (CBS, KYMA) - U.S. officials say last year, Americans were scammed out of $9 billion as a result of cryptocurrency fraud.

Experts estimate that because of under reporting the figure may be closer to fifteen times more.

On Wednesday, Jeannine Pirro, the U.S. Attorney for the District of Columbia, announced new efforts to target what she called the growing epidemic of crypto investment fraud by crime syndicates in Asia.

"The Department of Justice will not stand by while Chinese organized crime victimizes Americans and bleeds dry the hard-earned investments of American citizens...It starts by weaponizing the very devices that you and I hold every day to do our banking, to enrich our lives, to communicate with our friends and loved ones."

Jeannine Pirro, U.S. Attorney for the District of Columbia

Pirro says the federal government is creating a scam center strike force to go after overseas crypto criminals in a number of ways, including seizing websites and stolen assets to return the funds to victims.