US hauls $225mln from crypto scammers
US law enforcement confiscated more than $225 million in cryptocurrency tied to a global “pig butchering” investment scam.
It is the largest seizure in this category to date.
The seizures were led by the Department of Justice along with the FBI and Secret Service.
"Pig-butchering" is where fraudsters lure victims into fake crypto trading, then show them a number of smaller wins, to build confidence (to 'fatten them up') before the victims are coerced into larger risk fraudulent 'investment' opportunities which result in a total loss of the victims cash (aka 'the butchering').
According to the DOJ, the con artists duped over 400 people worldwide.
Special Agent Shawn Bradstreet of the Secret Service said authorities now hold the illicit funds and will work to return as much as possible to the victims .
The scale of the seizure underscores a surge in crypto-investment fraud. FBI statistics show losses jumping from $2.57 billion in 2022 to $5.8 billion by 2024.
