$225M in Crypto Seized: Busting a Massive Pig Butchering Scam

The Department of Justice seized approximately $225.3 million in cryptocurrency linked to a massive “pig butchering” scam targeting over 400 victims. The scam, involving fake romantic relationships and fraudulent crypto investments, saw funds laundered through a complex network. The US Secret Service and FBI traced the funds to seven groups of Tether stablecoins. Tether and OKX aided law enforcement in identifying the accounts. Recovered funds will be returned to victims. The FBI reports $5.8 billion in losses from crypto investment fraud in 2024.
Read more