US Targets Pig Butchering Scams, Seeks to Recover Millions

The Washington, D.C.-based U.S. Attorney’s Office is attempting to retrieve $2.5 million in bitcoin connected to a fraud known as “pig butchering.” Through deceitful crypto investments, this scam embezzles victims’ money. 2,546,415.01 USDT (a cryptocurrency) has already been taken from Thai accounts linked to this scam by the FBI.

FBI Special Agent Stacey Moy called the scam “despicable,” emphasizing the emotional and financial harm it causes victims. U.S. Attorney Matthew Graves declared that they are dedicated to locating and prosecuting those who use such fraudulent schemes, whether they operate inside or outside the U.S.

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A civil forfeiture allows the U.S. government to seize assets obtained through illicit activities

Pig butchering scams deceive victims into investing in fake crypto schemes

In January the UN identified USDT as a common token for money laundering and scams in Southeast Asia pic.twitter.com/IS0m0J3KDY

— Solo (@SoloMetax) July 18, 2024

The “pig butchering” scam obtains the victim’s confidence over the internet before tricking them into funding a fraudulent venture. The victims are left devastated when the scammers flee with the money they took. The United States is pursuing and punishing these offenders and regaining stolen property through the legal tactic of civil forfeiture. In addition, this attempts to reimburse the victims for their money and promotes law enforcement collaboration.

The FBI’s Internet Crime Complaint Center is a great place to report cybercrimes, including cryptocurrency scams, to those who believe they have been victimized. Assistant U.S. Attorney Rick Blaylock, Jr. is spearheading the recovery action, with assistance from the DOJ’s National Cryptocurrency Enforcement Team’s Jonas Lerman and Stefanie Schwartz. This case has involved the Royal Thai Police as well as the FBI offices in Bangkok, San Diego, and Boston.

The civil forfeiture lawsuit demonstrates how committed the US government is to fighting cybercrime and giving victims’ stolen property back. This endeavor is a component of a larger campaign to combat cybercriminals and shield Americans against dubious investment scams.

US moves to recover $2.5 million worth of crypto lost to pig butchering schemes https://t.co/sb2Wgn9aU5

— The Block (@TheBlock__) July 17, 2024

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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