Chain Retrieval has successfully recovered $7.1 million worth of stolen crypto assets tied to a fraudulent oil and gas investment scheme, the company confirmed earlier this week.
The scam, which operated under the guise of a high-return oil and gas venture, tricked dozens of investors across the U.S., Europe, and the Middle East into sending funds—mostly in cryptocurrency—to wallet addresses controlled by the fraudsters. The operation ran for over a year before unraveling under law enforcement and blockchain forensic pressure.
Chain Retrieval, a firm specializing in crypto asset tracing and recovery, played a key role in uncovering the laundering paths used to move and hide the stolen funds across multiple blockchains and privacy tools.
Blockchain Forensics Unravel Complex Fraud Web
The fraudsters behind the scheme promised investors early access to lucrative oil contracts, often showing fake documents, charts, and forged emails to appear legitimate. Victims were encouraged to send Bitcoin (BTC), Ethereum (ETH), and USDT in exchange for “exclusive shares” in oil operations located in West Africa and the Middle East.
Once the funds were received, the wallets were quickly split, routed through decentralized exchanges, mixers, and privacy chains in an attempt to conceal their origin.
Chain Retrieval’s forensic analysts used advanced blockchain analysis tools and cross-chain tracking systems to follow the digital money trail. After weeks of data mapping and transaction correlation, the team identified several key wallets and worked closely with law enforcement in the U.K., UAE, and the U.S. to secure court orders and freeze the assets.
Out of the total recovered funds, about 70% were held in cold wallets, while the rest had been traced through a maze of DeFi protocols and eventually retrieved.
“This recovery proves that crypto isn’t untraceable—it’s permanent,” said a Chain Retrieval spokesperson. “With the right tools and coordination, even complex fraud schemes can be unraveled.”
The recovered assets are now being processed for return to verified victims. The firm is also working on additional leads that may help recover more funds connected to the same scam.