$84M Seized from Montana Payments Firm in Alleged Crypto Scheme
US prosecutors have seized nearly $84 million from bank accounts and cryptocurrency wallets tied to Montana payments firm Capstone. 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.
Court filings reveal that Capstone, registered in Montana, processed payments for two crypto companies through a bank in Dominica. Prosecutors claim the firm also ran a scheme that converted fraud proceeds into cryptocurrency by posing as FBI agents.
According to the July filing first reported by The Information, nearly $81 million was seized from Capstone accounts at Wells Fargo and about $2 million from an account at JPMorgan Chase. Roughly $1.2 million worth of Tether's dollar-pegged token USDT was also taken.
Tether spokesperson stated that the company had 'no knowledge of the conduct by Capstone alleged by the Department of Justice.' A lawyer for Capstone told Reuters that the firm denies wrongdoing and plans to challenge the complaint.