U.S. Department of Justice Seized $112 Million In Crypto-Related To Pig Butchering Scam

Live Bitcoin News reported that the digital assets, amounting to $112 million, were seized by the U.S. Department of Justice (DOJ) from addresses linked to the pig slaughtering scheme.

U.S. Department of Justice Seized $112 Million In Crypto-Related To Pig Butchering Scam

Multiple search warrants have been issued across several jurisdictions in the United States, including Arizona, Idaho, and California, in an effort to seize digital currencies held at various locations.

This move by authorities comes as they investigate cases of individuals who have fallen victim to digital currency scams. The victims are believed to have been scammed into investing the majority of their funds in fraudulent schemes.

One of the well-known cryptocurrency investment scams that have caught the attention of the FBI is called “pig butchering”. According to the authorities, scammers refer to their victims as “pigs”, and use complex stories to create intimate connections with them.

After gaining the victim’s trust, the scammer will enroll them in a crypto investment scheme. Victims are lured into investing more money by promises of high returns, only to realize later that they have been scammed.

Victims are often told they must pay fees or invest more before they can withdraw any money, and scammers demand extra investments, taxes, or fees in exchange for victims’ access to their accounts. In many cases, the deception continues even after the victim’s money is refused, and the scammers steal until the victims’ remaining funds have been depleted.

Court records reveal one specific example of a victim who lost over $2 million in cryptocurrency to a fraudster using the alias “Jenny”. The victim was solicited by “Jenny” online, and at the end of the scheme, lost a significant amount of money.

As authorities continue to investigate and crack down on these fraudulent schemes, the FBI has issued a fresh warning to the public about the dangers of investing in cryptocurrency scams like “pig butchering”. Investors are advised to exercise caution and carry out thorough research before investing their funds.

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