Victim of Milford Bitcoin scam recovers half of stolen money

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MILFORD investigators were able to recover more than half of the money stolen from a bitcoin scam victim, but no arrests are expected, state police said Tuesday.

Members of the Connecticut State Police’s Statewide Organized Crime Investigative Task Force learned of the theft on September 2. A Milford resident lost $41,150 when the person was scammed into depositing the money at Bitcoin ATMs, state police said.

The task force traced the money to two major cryptocurrency exchanges in the United States and the Cayman Islands. Investigators were able to recover about $23,000, according to state police.

The money was returned to the victim on Friday in a restitution action in Milford State Superior Court, state police said.

However, no arrests are expected.

Investigators have learned that the suspects reside outside of the United States and no arrests are expected at this time, state police said in a news release.

State Police Sgt. Christine Jeltema said in a phone interview that investigators were able to identify who was responsible for the theft, but the seriousness of the crime does not meet international extradition requirements.

Scams involving cryptocurrency are on the rise and becoming more sophisticated, she said. While it is possible for law enforcement to investigate these cases and possibly recover money, time is running out.

The state police also offered tips on how to protect yourself or others, especially seniors who are often targeted by scammers:

Police said older people may be tempted to give in to persuasive telemarketers or people seeking donations for their charity. The police said never to give money over the phone.

Police said a common tactic is for scammers to call elderly people, claiming they are a relative and need the money because they are in dire straits. These scammers often tell the elderly not to tell anyone else in the family and just wire the money due to the urgent situation, police said. The police said never wire money to anyone without verifying their identity.

Older people who used to do business over the phone in the past may not recognize the risk of giving out personal or banking information over the phone, police said.

Legitimate utility companies, police departments and government agencies will never request that payments be made with prepaid gift cards, through an ATM or cryptocurrency, police said. The police said never to use an ATM at the request of another person.

If you believe you have been the victim of a scam, file a report with the local police department or email the Connecticut State Police at [email protected], police said. Also file a complaint with the Consumer Financial Protection Bureau at www.consumerfinance.gov

Christine Dempsey can be reached at [email protected].

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