Fun

US Justice Department Seizes Cryptocurrency Worth $112 Million in ‘Pig Butchering’ Crackdown

News Feed - 2023-04-05 11:04:17

US Justice Department Seizes Cryptocurrency Worth $112 Million in "Pig Butchering" Crackdown


The U.S. Department of Justice (DOJ) says it has seized cryptocurrency worth over $112 million linked to fraudulent investment schemes known as “pig butchering.” According to court documents, the seized crypto accounts were allegedly “used to launder proceeds of various cryptocurrency confidence scams,” the Justice Department said. $112 Million in Crypto Seized by DOJ


The U.S. Department of Justice (DOJ) announced Monday that it has seized cryptocurrency worth more than $112 million “linked to cryptocurrency investment scams.” Noting that the Federal Bureau of Investigation (FBI) Phoenix Division is investigating this case, the announcement details: Seizure warrants for six virtual currency accounts were authorized by judges in the District of Arizona, the Central District of California, and the District of Idaho.


“According to court documents, the virtual currency accounts were allegedly used to launder proceeds of various cryptocurrency confidence scams,” the DOJ said.


The announcement describes “pig butchering” schemes where scammers often target victims through “social networking and online communications platforms, dating websites, and phone calls and text messages that are meant to appear to have been misdialed.” After gaining the trust of their victims, scammers introduce the idea of cryptocurrency trading and persuade them to invest in crypto schemes where the funds are redirected to accounts controlled by them.


Victims may see apparent gains and even withdraw some money to build trust. However, after making a large investment, they can’t withdraw their funds. Scammers may request more money for taxes or fees, promising access to the account. The scam continues until the victim’s savings are depleted.


The Federal Bureau of Investigation (FBI)’s Internet Crimes Complaint Center (IC3) recently revealed that investment fraud accounted for the highest losses of any scam, totaling $3.31 billion. The agency noted that cryptocurrency investment fraud rose 183% from $907 million in 2021 to $2.57 billion in 2022. Tags in this story confiscate crypto, DOJ, Pig butchering, pig butchering crackdown, seize bitcoin, seize crypto, seize cryptocurrencies, seize cryptocurrency, seize digital currency, seize virtual currency, US government, us government confiscates crypto, us government seizes crypto


What do you think about the DOJ seizing crypto in a pig butchering scam crackdown? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Regulators Should Heed Crypto Risks When Innovating Regulation, Says Chinese Central Bank Official REGULATION | 1 day ago Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty REGULATION | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin Previous articleSeoul Takes Control Over $160 Million in Assets of Former Terraform Employees, Founder Next articleECB Member Fabio Panetta Claims Rising Profit Margins Could Be Fueling Inflation Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Ethereum MVRV Pricing Bands Show Key Resistance Around $3,100 Level – Details
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Spike Lee Directs ‘Old Money Is Out, New Money Is In’ Commercial for Cryptocurrency ATMs
Spike Lee Directs "Old Money Is Out, New Money Is In" Commercial for Cryptocurrency ATMs Award-winning director Spike Lee has teamed up with bitcoin ATM operator
Russia Busts Revil Ransomware Group on US Request, Arrests 14 Members
Russia Busts Revil Ransomware Group on US Request, Arrests 14 Members Russian law enforcement agencies have dismantled the notorious hacking group Revil, believed to be behind rans
Altcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims
Altcoin SNM"s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims The trading price of the altcoin SNM suddenly rose by over 4,000% to $10.91 on Nov. 20, 5:30 a.m. (ET), whil
Marcel Pechman3 hours agoAave price takes double-digit hit, but strong fundamentals point to eventual recoveryThe Aave price may have been impacted by this week’s Curve Finance scandal, but a robust insurance fund and
Visualize Crypto Transaction Privacy Scores With Blockchair’s ‘Privacy-o-Meter’
Visualize Crypto Transaction Privacy Scores With Blockchair"s "Privacy-o-Meter"On June 24, the block explorer and blockchain data platform, Blockchair, announced the launch of a new
FTC issues urgent warning over rising crypto romance scams
Ezra Reguerra12 hours agoFTC issues urgent warning over rising crypto romance scamsThe FTC asked users to report scammers to the government and warn their loved ones about the scam.1799 Total views59 Total sharesListen t
2 theories why GBTC sticks to high fees despite bleeding billions
Jesse Coghlan5 hours ago2 theories why GBTC sticks to high fees despite bleeding billionsGrayscale’s Bitcoin ETF has bled over $14 billion and it hasn’t lowered its industry-high fees, but ex-Wall Street analyst Jim
Turner Wright8 hours agoNYDFS calls for public feedback on proposed crypto regulatory guidanceThe proposals included stricter standards on risk assessments for crypto firms as well as a framework for designating token pr
Sergei Polunin Embraces the Future of Dance by Collaborating With Sensorium Galaxy in 3D Social Virtual Reality
Sergei Polunin Embraces the Future of Dance by Collaborating With Sensorium Galaxy in 3D Social Virtual Reality Sensorium Galaxy Is Rapidly Expanding24 April 2020, Los Angeles: Sens
OKX investigates multimillion account thefts after SIM swap attacks
Zoltan Vardai11 hours agoOKX investigates multimillion account thefts after SIM swap attacksAccording to SlowMist, despite the two similar phishing incidents, OKX’s two-factor authentication mechanism was not the main
US Senate Candidate Is a Hodler, Sees Bitcoin as Alternative Store of Value to US Dollar
US Senate Candidate Is a Hodler, Sees Bitcoin as Alternative Store of Value to US DollarUS Senate candidate Cynthia Lummis is pro-bitcoin. She bought her first bitcoin during her ti