Signed in as:
filler@godaddy.com
Signed in as:
filler@godaddy.com
Our role was to provide fact-based, litigation-ready intelligence to support the victim’s attorney and assist law enforcement with actionable investigative leads.
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Initial Incident Summary
The victim was approached through a social media platform and later transitioned to encrypted messaging applications. Over a period of several weeks:
A relationship of trust was established (classic “pig-butchering” scam methodology)
The suspect introduced a “cryptocurrency investment opportunity”
The victim was guided through purchasing cryptocurrency via Coinbase
Funds were transferred to a wallet address provided by the suspect
A fraudulent investment platform interface displayed fabricated gains
Additional deposits were encouraged under urgency and false profit narratives
Ultimately, when the victim attempted to withdraw funds, access was denied and communication ceased.
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Scope of Investigation
Garrett Investigations LLC conducted a comprehensive cryptocurrency tracing and OSINT-supported investigation, including:
Blockchain transaction tracing (Ethereum network)
Wallet attribution and clustering analysis
Identification of intermediary and aggregation wallets
Detection of laundering patterns and behavioral indicators
OSINT and infrastructure analysis of associated platforms
Identification of centralized exchanges (CEXs) for potential subpoena
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Blockchain Forensic Findings
1. Victim On-Ramp and Initial Transfers
The victim purchased cryptocurrency through Coinbase, a regulated U.S.-based exchange, establishing a clear fiat-to-crypto entry point.
Funds were transferred from the victim’s Coinbase-associated wallet to an externally controlled wallet address provided by the suspect.
Key Observation:
The initial receiving wallet demonstrated characteristics consistent with a controlled deposit address, commonly used in fraudulent investment platforms.
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2. Rapid Forwarding & Controlled Relay Wallets
Upon receipt, funds were rapidly forwarded within minutes through multiple intermediary wallets.
This behavior is indicative of:
Pass-through laundering
Attempted disruption of traceability
Avoidance of wallet-level attribution
Investigative Conclusion:
The speed and structure of these transfers are inconsistent with legitimate investment behavior and align with known cryptocurrency fraud typologies.
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3. Aggregation of Multi-Victim Funds
Tracing revealed that victim funds were combined with other incoming transactions into a centralized aggregation wallet.
Indicators Identified:
Multiple inbound transactions from unrelated wallets
Similar transaction sizes and timing patterns
Structured consolidation behavior
This supports the presence of a multi-victim fraud operation, rather than an isolated incident.
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4. Layering Through DeFi Protocols
Funds were routed through decentralized finance (DeFi) infrastructure, including the Tokenlon Protocol.
At this stage:
Assets were converted (e.g., ETH → WETH)
Transaction paths became more complex
Obfuscation techniques were introduced
Purpose of This Step:
Break deterministic transaction trails
Introduce additional transactional noise
Complicate forensic tracing for inexperienced investigators
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5. Structured Fan-Out & Exit Routing
Following DeFi interaction, funds were dispersed through a structured fan-out pattern, splitting into multiple wallets.
Subsequent tracing identified movement toward centralized service endpoints, including:
HTX (identified as a potential off-ramp exchange)
Significance
Centralized exchanges represent critical investigative leverage points because:
They maintain KYC (Know Your Customer) records
Accounts can be identified via legal process
Funds may still be traceable or recoverable in limited scenarios
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Behavioral Indicators of Fraud
This case demonstrated multiple high-confidence fraud indicators, including:
Romance-based social engineering (emotional manipulation)
Introduction of “exclusive” crypto investment opportunities
Use of fraudulent trading platforms displaying simulated balances
Urgency tactics to encourage additional deposits
Immediate fund movement after receipt (non-investment behavior)
Multi-wallet laundering structure consistent with organized fraud rings
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OSINT & Infrastructure Intelligence
Garrett Investigations conducted parallel open-source intelligence (OSINT) analysis to support blockchain findings.
Key observations included:
The investment platform domain showed characteristics consistent with fraudulent infrastructure
No verifiable corporate registration or regulatory licensing
Similar platform designs observed across known scam clusters
Communication methods included anonymized email accounts and encrypted messaging
Assessment:
The digital infrastructure aligned with known cryptocurrency fraud ecosystems, often operated by organized groups leveraging repeatable templates.
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Investigative Outcome & Intelligence Value
Garrett Investigations LLC produced a litigation-ready blockchain forensic report including:
Full transaction tracing with timestamps and wallet addresses
Flow-of-funds analysis demonstrating laundering pathways
Identification of subpoena-relevant centralized exchanges, including Coinbase and HTX
Behavioral analysis consistent with romance and investment fraud schemes
OSINT-supported attribution insights
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Law Enforcement & Legal Utility
The findings from this investigation were structured to support:
Law enforcement referrals
Civil litigation proceedings
Subpoena preparation for exchanges and service providers
Asset tracing and potential recovery strategies
Important Clarification:
Garrett Investigations LLC does not act as a cryptocurrency recovery service. Instead, we provide verifiable intelligence and forensic documentation to support legal and investigative processes.
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Key Takeaways for Victims and Attorneys
Cryptocurrency transactions are traceable, even when fraudsters attempt obfuscation
Romance scams frequently evolve into investment scams involving digital assets
Early investigative intervention increases the likelihood of identifying actionable leads
Centralized exchanges remain critical points for legal discovery and attribution
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Why This Case Matters
This case underscores a critical reality:
Blockchain investigations are not just about following the money—they are about understanding behavior, identifying patterns, and converting technical data into actionable intelligence.
Garrett Investigations LLC specializes in cryptocurrency tracing, blockchain forensics, and OSINT-driven investigations, delivering results that meet the standards of attorneys, law enforcement, and the courts.