Authorities Freeze $41 Million in Crypto Tied to BG Wealth Sharing
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The domain of investment group BG Wealth Sharing, a $150 million crypto Ponzi scheme, has been seized by law enforcement days after users were allegedly defrauded.
Onchain investigator ZachXBT said Tuesday that “illicit actors” linked to the group attempted to launder more than $92 million in cryptocurrencies between April 27 and Sunday, but he helped lead an initiative that froze more than $41 million, working alongside Tether, Binance, OKX and US law enforcement agencies.
He also said the scheme was likely responsible for more than $150 million in losses, given that it has been operating since 2025 and “thousands of victim exchange withdrawals have been identified.”
“Although these Chinese investment scams are obvious to most people, they intentionally target unsophisticated retail investors via social media,” ZachXBT added. “From reading the victims’ posts, it appears that many of them are still in denial about being scammed.”
source: ZackXBT
The US Federal Bureau of Investigation reported in April that American victims lost $21 billion to cybercrime last year, with cryptocurrency investment scams accounting for a large share of the losses.
The BG Wealth Sharing domain has been seized by US law enforcement
As of Wednesday, BG Wealth Sharing’s website displays notice that it has been seized by US law enforcement as part of a joint operation between Operation Level Up and Scam Center Strike Force.
Several regulators have warned that BG Wealth Sharing is an unlicensed entity and have advised caution since 2025. In April,
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