DOJ Seized $112 Million In Crypto-Related To Pig Butchering Scam

Key Points:

• The US Department of Justice (DOJ) has confiscated around $112 million in crypto from accounts tied to so-called pig butchering investment frauds.
• Six virtual currency accounts have been seized by judges in Arizona, California, and Idaho.

According to Live Bitcoin News, the U.S. Department of Justice (DOJ) confiscated up to $112 million in digital assets from addresses associated with the pig slaughtering scheme.

At least six distinct search warrants have been issued by judges in numerous jurisdictions, including Arizona, Idaho, and California, attempting to confiscate digital currencies held at various locations. Authorities believe that victims were duped into spending the majority of their funds in phony digital scams.

Scammers refer to victims in Pig Butchering schemes as “pigs” because the scammers would employ complex stories to “fatten up” victims into feeling they are in a romantic or otherwise intimate personal connection. After the victim has placed sufficient faith in the fraudster, the scammer will enroll the victim in a crypto investment scheme.

They ultimately cave and begin investing, and after a time, their earnings begin to climb. Everything seems to be in order until they attempt to withdraw part of their funds. This is where complications occur since customers are frequently informed that they must pay fees or invest more before they can withdraw any money. They quickly discover that everything is a scam, and the victims are forced to walk away with broken egos and empty wallets.

Even after a victim’s money is refused, the deception is often not finished. Scammers demand extra investments, taxes, or fees in exchange for victims’ access to their accounts. These scam organizations often continue to steal from their victims and do not stop until the victims’ remaining funds have been depleted.

The court records describe a particular example in which a fraudster using the alias “Jenny” solicited a guy online using the alias “JZ.” At the end of the swindle, the guy had lost more than $2 million in cryptocurrency as a result of her deceptive acts.

As Coincu reported, the FBI has issued a fresh warning about a well-known cryptocurrency investment scam known as “pig butchering” that is taking place in the United States.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News