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US Attorney’s Office Targets Over $2 Million in Crypto Lost to “Pig Butchering” Scams

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U.S. authorities are taking action to recover funds lost in cryptocurrency scams and hold perpetrators accountable, regardless of their location or chosen digital currency.

US Attorney's Office Targets Over $2 Million in Crypto Lost to Pig Butchering Scams

U.S. authorities are cracking down on cryptocurrency fraud with a civil forfeiture action aimed at recovering over $2 million lost to “pig butchering” scams.

The U.S. Attorney’s Office for the District of Columbia is seeking to seize 2,546,415.01 USDT, valued in USD, from accounts linked to individuals in Thailand suspected of perpetrating the investment fraud. The seized funds were allegedly obtained through manipulating U.S. citizens into fraudulent cryptocurrency investments.

“This forfeiture action demonstrates that scammers cannot hide behind cryptocurrency,” U.S. Attorney Matthew Graves emphasized. The move highlights the government’s commitment to pursuing perpetrators of financial crimes regardless of their location or chosen method of transacting.

Pig butchering scams involve gaining the trust of victims, often through online platforms, and then convincing them to invest in fake cryptocurrency opportunities. These confidence scams have become a growing concern, with the FBI estimating billions lost in 2022 alone.

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ABOUT THE AUTHOR

Vanessa Lim is a Singaporean-born tech journalist and analyst with a deep understanding of the intersection between finance, technology, and security. Her expertise spans across cryptocurrency, trading strategies, tech protocols, cybersecurity threats, artificial intelligence applications, and cloud computing solutions. She is passionate about demystifying complex technological concepts and their impact on the future of finance.

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