- A frozen $475K Bitcoin stash has led investigators to an alleged scam network targeting U.S. victims.
- ZachXBT says changing explanations around frozen funds raised concerns over possible crypto money laundering.
- Rising crypto fraud cases show how scammers continue using Bitcoin ATMs and social engineering tactics.
Blockchain investigator ZachXBT says a frozen Bitcoin stash is linked to a wider network of social engineering scams targeting U.S. victims, including elderly individuals. The case involves 5.73 BTC, worth about $475,000, which was frozen by crypto platform Changelly in March 2025 after a recovery request from a user identified as Aman Kesar.
ZachXBT shared the findings on X after reviewing blockchain records and email screenshots. He claims the funds can be traced back to thefts involving U.S. exchanges and Bitcoin ATMs, and that the same network has stolen more than $1 million since 2025. Several of the reported victims are senior citizens. He also referred to the case in a post, writing, “A short story about Indian scammers who called the cops on themselves.”
ZachXBT Questions Changing Stories
According to ZachXBT, the owner of the frozen Bitcoin gave different explanations about the source of the funds. The person initially described the Bitcoin as a loan, later claimed it belonged to an employer, and eventually said it came from a friend who had invested in Bitcoin years earlier.
After reviewing documents shared in private conversations, ZachXBT said he suspected Aman Kesar may have been acting as a money mule for an individual identified as “Mr Parveen.” He said bank records linked to the case showed a different name and location than those provided by the account holder.
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ZachXBT also said the individual filed a police report in India over the frozen assets. Email screenshots reviewed during the investigation helped uncover additional connections between people allegedly involved in the operation, he added.
He warned, “While you can message me for help and I’ll respect your privacy, at least use common sense and don’t contact me with stolen funds.”
Elderly Americans Remain Prime Targets
The case comes amid a broader rise in crypto-related fraud. FBI data shows Americans filed more than 181,000 cryptocurrency-related complaints in 2025, with reported losses exceeding $11 billion. People aged 60 and older accounted for about $7.7 billion of those losses across cybercrime cases.
Investigators say scammers frequently use Bitcoin ATMs and fake investment schemes to trick victims into sending funds that are difficult or impossible to recover once transferred.
Authorities in India have also stepped up enforcement efforts. In May, police arrested hacker Srikrishna and two alleged associates in connection with a 2017 Bitcoin theft. In a separate case, a court denied bail to Abhishek Sharma, who faces allegations tied to a cryptocurrency multi-level marketing fraud scheme.
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