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$80,000,000+ in JPMorgan Chase and Wells Fargo Belonging to Montana Payments Firm Abruptly Seized Over Potential Fraud
U.S. prosecutors have seized nearly $84 million from bank accounts and cryptocurrency wallets tied to a Montana payments firm linked to Tether. The civil forfeiture targets Capstone, a money services business that allegedly posed as an information technology company to open accounts at major banks while moving money for crypto firms, reports Reuters.
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Key points
- US prosecutors seized nearly $84 million from bank accounts and crypto wallets tied to Montana payments firm Capstone through civil forfeiture, Reuters reported.
- Filings allege Capstone posed as an IT company to open bank accounts, processed payments via a Dominica bank, and converted fraud proceeds by impersonating FBI agents.
- About $81 million came from Wells Fargo, $2 million from JPMorgan and $1.2 million in USDT; Tether denied knowledge and Capstone denies wrongdoing.
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