Manhattan District Attorney Alvin Bragg announced Wednesday that his office has stopped the work of a major cryptocurrency scam website.

The Coin Dispute Network was exposed and taken down following reports of lost funding by numerous victims.

Today we announced the seizure of the website domain for Coin Dispute Network, a fraudulent cryptocurrency recovery company under investigation for scamming multiple victims in Manhattan and dozens more across the country. Read more: https://t.co/VBI3zuzG6g

— Alvin Bragg (@ManhattanDA) June 7, 2023

The statement

“Thanks to the expertise of our prosecutors, investigators and specialized cryptocurrency analysts, we were able to take this fraudulent website off-line as we continue to actively investigate,” said Bragg.

“Our Cybercrime and Identity Theft Bureau is committed to protecting victims from cryptocurrency scams in Manhattan, a global financial center. We want victims of the Coin Dispute Network – no matter where you are – to come forward as we work to hold these bad actors accountable and prevent future fraud," he added.

CRYPTO CRIME: Cryptocurrency Fraudster Reginald Fowler Gets 75 Month in Prison Starting in 21 Days With US Citing SBF and Silvergate - Inner City Press story: https://t.co/2TZ6v0t0Ma More on @SubstackInc here https://t.co/ZMI0vqVR0W pic.twitter.com/C7VoNEFkNB

— Inner City Press (@innercitypress) June 5, 2023

The consequences

"Arizona-based crypto-currency maven Reginald Fowler, with multiple accounts with the HSBC, appeared ready to plead guilty on January 15 to a single count, 'operation of an unlicensed money transmittal business,'" Matthew Russell Lee reported.

"After that fell through on financial issues, Fowler was hit with a five-count Superseding Indictment, adding as a fifth count the catch-all, Wire Fraud," he added.

Learn to spot potential cryptocurrency recovery scams! If you believe you are a victim of any cryptocurrency-related fraud, please report them to our Office’s Cybercrime and Identity Theft Bureau at 212-335-9600. pic.twitter.com/FkEwAJDKjK

— Alvin Bragg (@ManhattanDA) June 7, 2023

Bragg's office is now warning people against similar recovery scams.

"Learn to spot potential cryptocurrency recovery scams! If you believe you are a victim of any cryptocurrency-related fraud, please report them to our Office’s Cybercrime and Identity Theft Burea," his office tweeted.

The moves follow Bragg's efforts last year to support a bill to regulate cryptocurrency. Though many crypto leaders are against the bill, all are thankful for his office helping to stop the scam website.

The new announcement also puts a spotlight on the need to be aware of similar concerns with other companies offering services related to crypto as fraudulent activity exists elsewhere.

The growing concerns against cryptocurrency fraud are an important area to watch as the movement grows among millions of new users worldwide.