FBI collects $ 180 million in bitcoins related to embezzlement

The Federal Bureau of Investigation (FBI) has seized $ 180 million worth of Bitcoin in connection with the Sony Life embezzlement case.

Rei Ishii, a former employee, stole $ 155 million earlier this year from one of the Japanese insurance company’s subsidiaries while working remotely.

Sony Life reportedly transferred a significant amount of money from its Bermuda-based Citibank account to its Japanese account after acquiring other insurers.

Ishii was able to embezzle some of these funds by forging transactions and transferring them to his account at Silvergate Bank in California. The stolen funds were used to buy 3,879 bitcoins on Coinbase, which Ishii then transferred to a hardware wallet to disguise the nature and ownership of the funds.

In late May, Ishii began blackmailing Sony Life into a settlement claiming the company could not get the stolen money back and would kill him if charged with a crime.

The FBI managed to track and seize the funds on December 1, and the ill-fated Bitcoin assets were moved to the FBI San Diego Bitcoin wallet.

Confiscation possible through close cooperation with

According to a press release from the US Department of Justice, authorities have taken steps to return the stolen funds.

Acting U.S. Attorney Randy Grossman has stressed that bad actors shouldn’t rely on cryptocurrencies to hide stolen funds:

Criminals to Beware of: You can’t rely on cryptocurrencies to hide your ill-gotten gains from law enforcement. The United States is working closely with its international partners to prevent crime and recover stolen funds.