By William Janes ( September 23, 2025, 2:12 PM BST) — Five people have been arrested on suspicion of carrying out a €100 million ($118 million) cryptocurrency fraud in a joint international operation by law enforcement agencies across Europe, a European Union law authority said Tuesday….
Crypto
Woodbridge couple loses $1 million in cryptocurrency investment scam
WOODBRIDGE, CT (WFSB) – A Woodbridge couple lost more than one million dollars in a cryptocurrency investment scam. Local and federal authorities are now investigating as there are dozens of victims across the country.
It’s a complex scam that starts out with something simple: a text or message from a stranger. Amos Jiang from Woodbridge received a text in August. He says the person had the wrong number but wanted to learn more about what it’s like to move to the United States from China. A friendship formed, and then that friend told Amos about an investment opportunity in cryptocurrency.
“I see the balance increase, so I think maybe it’s ok,” said Jiang.
Jiang says the website looked legitimate. His son, Eric Jiang, helped his dad explain to Channel 3 how it worked.
“The entire exchange was functional. There was an order book. He could see his trades. He could see everything happen on the exchange, so it seemed very legitimate,” said Eric Jiang.
Amos Jiang says he made the investments because he wanted to help his son.
“He wanted to pay for the wedding. He wanted to buy us a home. When he saw that this was apparently a legitimate opportunity for him to make enough money to pay off the whole home, that’s why he felt it was necessary to continue investing,” said Eric Jiang.
In total, Amos Jiang invested more than one million dollars. It was their lifesavings, plus money from a line of credit on their house.
“To see all of that just disappear, it breaks my heart,” said Eric Jiang.
Amos Jiang realized it was a scam when he got a phone call from the Woodbridge Police Department on November 16th, 2023. The Woodbridge Police Department had been contacted by Detective Michelle Taylor with the Peachtree City Police Department all the way in Georgia. Detective Taylor had been investigating a similar case which led her to a list of around 2 dozen potential victims in 12 different states. She says there are potentially many more victims.
“A lot of times the money is gone, and it’s a dead end from there,” said Taylor.
Taylor says the victims all wire-transferred money to an account for the fraudulent company called “UpUp Fashion”. Jiang says he wire-transferred money to other accounts as well.
Taylor says both the FBI and Secret Service have been notified. She says the difficulty of a case like this is it appears all the money was transferred to an account in Hong Kong.
“The problem I think that all of these agencies run into is that they open these bank accounts, they target quite a few victims all at once, and then they shut them down before they are even discovered,” said Taylor.
“I think it’s just incredibly important to let people know that this is happening,” said Eric Jiang.
The Jiangs hope their story is a lesson for others. The money taken out against their home means they may have to sell it. They’ve created a GoFundMe to try and save their home.
Taylor recommends never sending money to someone you don’t know and talking about any big investments with a trusted friend or loved one.
“It’s like losing cash out of your wallet. When a wire transfer is done, there is a very small window of time where a victim can contact their bank to get that wire transfer stopped,” said Taylor. “If you want to invest in cryptocurrency, most people do that through a well-established organization and not through a complete stranger who has just text messaged you within the last year or a couple months.”
If you think you may have been a victim of a scam like this, Taylor says you should contact your local police department.
You can also file a complaint with the FBI at IC3.gov.
Copyright 2023 WFSB. All rights reserved.
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GRANT, Minn. (FOX 9) – A Washington County family was reportedly kidnapped and held hostage at gunpoint for hours by two Texas brothers who ultimately took more than $72,000 in cryptocurrency.
Raymond Christian Garcia, 23, and Isiah Angelo Garcia, 24, were each charged via warrant with three counts of kidnapping, three counts of first-degree burglary, and one count of first-degree aggravated robbery for their alleged roles.
The incident led to the Washington County Sheriff’s Office issued a shelter in place order while they searched for the suspects. The incident ultimately led to the cancellation of a high school homecoming football game in Mahtomedi.
Home invasion and cryptocurrency theft
The backstory:
According to the criminal complaint, a 911 call was received at approximately 4:45 p.m. on Sept. 19 from someone in Grant, Minnesota, stating that he and his family had been kidnapped and were being held hostage at gunpoint in their home.
The complaint details that on Sept. 19, a man was taking out the garbage at around 7:45 a.m. when the armed brothers allegedly forced him back into the garage and bound his hands with zip ties. The men then woke up the two other people in the house, also binding them.
Raymond Garcia is accused of holding the 911 caller and his mother hostage for nine hours while armed with an AR-15-style rifle. Police said the upstairs bedroom door was tied shut with wire and needed to be cut in order to free them, according to the complaint.
Meanwhile, Isiah Garcia, armed with a shotgun, allegedly forced the man to log into his cryptocurrency wallet and transfer over $36,000 to an unknown account, charges state. After learning of a separate crypto wallet kept at the family cabin in Jacobson, Minnesota, Isiah Garcia allegedly forced the man to drive three hours and transfer the additional cryptocurrency, valued at over $36,000.
According to the complaint, the victim believed some of his crypto account information had been leaked during a data breach. The charges note that the men were frequently on the phone with an “unknown third party who directed [them] to transfer the cryptocurrency.”
The victim inside the house called 911, and multiple squad cars passed Isiah Garcia as they were driving back from the cabin. Isiah Garcia then turned the truck around, parked, and fled on foot before discarding the shotgun in a nearby field, charges allege.
Raymond Garcia was seen on camera running out the back door of the home. During a search of the area, authorities recovered an AR-15 rifle in a suitcase located in the tree line behind the home, charges said.
Brothers arrested in Texas
The investigation:
According to the complaint, Isiah Garcia rented a car near Houston, Texas, on Sept. 16 and drove to Minnesota. The vehicle’s GPS data placed the car near the victim’s home and a motel in Roseville. On Sept. 21, Isiah Garcia was taken into custody while driving the same rental car in Texas.
Raymond Garcia went to authorities on Sept. 22 to report that his AR-15 had been stolen in Waller, Texas. During a search of the brother’s home in the Waller area, authorities reportedly found a firearm box with a serial number matching the AR-15 recovered in Minnesota.
At the time the criminal complaints were filed, both men were in custody in Texas.
The Source: This story uses previous FOX 9 reporting and information from a Washington County criminal complaint.
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