Fun

US State Issues Order Freezing Crypto at Exchanges in Pig Butchering Scam Crackdown

News Feed - 2022-10-01 09:10:43

US State Issues Order Freezing Crypto at Exchanges in Pig Butchering Scam Crackdown


The Delaware Department of Justice’s Investor Protection Unit has issued a cease and desist order against 23 entities and individuals involved in a popular cryptocurrency scam known as “pig butchering.” The order also freezes the accounts allegedly holding cryptocurrencies belonging to the victims. Delaware Cracks Down on Pig Butchering Crypto Scam


The attorney general of the U.S. state of Delaware, Kathy Jennings, announced Wednesday that the Investor Protection Unit of the state’s Department of Justice (DOJ) has “issued a summary order to cease and desist against 23 entities and individuals involved in a cryptocurrency scam known as the ‘pig butchering scam."”


Pig butchering crypto scams have recently become alarmingly popular. Victims of this type of scam “are groomed over time to make investments using cryptocurrency, only to find that what they thought was a safe investment was a scam,” the Delaware DOJ detailed. “The moniker stems from the scammers’ practice of ‘fattening’ the victims before absconding with their assets (‘butchering’).”


Attorney General Jennings stressed, “When victims lose money through cryptocurrency scams, including the pig butchering scam, it can be difficult to recover those funds,” adding: Today’s order takes a first step toward protecting Delaware investors from the pig butchering scam by freezing funds at risk from further transfer by the wrongdoers.


The announcement details that the Investor Protection Unit received complaints from residents in the state. They explained that they were contacted online by unknown persons who urged them to invest in cryptocurrency. The scammers then encouraged them to invest more after showing large returns on initial investments.


However, the Delaware DOJ warned: “Ultimately, they were never able to withdraw the funds and their cryptocurrency disappeared. It is estimated that this international scam involves thousands of victims across the country with losses into the billions of dollars.”


Working with a data analytics company, the Investor Protection Unit traced cryptocurrency belonging to two Delaware complainants to a number of wallets on various crypto exchanges, the authority described.


The cease and desist order prohibits anyone or any entities affiliated with the wallets from withdrawing or transferring assets owned by the complainants, the Delaware Justice Department noted, elaborating: This, in turn, prevents the exchanges holding the wallets from permitting parties to move the fraudulently obtained crypto, thus effectively freezing the accounts holding assets belonging to the Delaware victims. Tags in this story Bitcoin Scams, crypto scam, cryptocurrency scams, Pig butchering, Pig butchering crypto scam, Pig butchering scam


Have you come across the pig butchering crypto scam? 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. US Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans REGULATION | 6 hours ago India Freezes Bitcoin at Binance Amid Investigation Involving Crypto Exchange Wazirx REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMicrostrategy Is Seeking a Full-Time Lightning Network Engineer to Build a SaaS Platform Next articleUS Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans 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 ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments 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

6 Crypto Websites Blocked by Russia’s Media Watchdog, Including News Outlet
6 Crypto Websites Blocked by Russia’s Media Watchdog, Including News Outlet In what seems to be another episode in a long-running campaign, the Russian telecom regulator hasres
Bitcoin price hits $70K all-time high as US jobs data squashes US dollar
William Suberg8 hours agoBitcoin price hits $70K all-time high as US jobs data squashes US dollarBitcoin bulls reassess cycle dynamics as BTC price finally cracks the key $70,000 line.11731 Total views46 Total sharesList
Bitcoin, Ethereum Technical Analysis: BTC Climbs to $40,000 on Saturday
Bitcoin, Ethereum Technical Analysis: BTC Climbs to $40,000 on Saturday Bitcoin and ethereum were both higher to start the weekend, as markets seem to have discounted recent volati
Canadian Regulator Insists Binance Is Unauthorized, Calls the Crypto Exchange’s Letter to Users ‘Unacceptable’
Canadian Regulator Insists Binance Is Unauthorized, Calls the Crypto Exchange"s Letter to Users "Unacceptable" The Ontario Securities Commission (OSC) claims that Binance has resci
Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60K
Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60K The price of bitcoin recently jumped above the $60,000 per unit mark on October 15, and
Ciaran Lyons7 hours agoMining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko reportAccording to the report, Europe is home to nine of the 10 least profitable countries for Bitcoin mining, based on household elect
US House to vote on FIT21 bill before holiday weekend
Turner Wright5 hours agoUS House to vote on FIT21 bill before holiday weekendThe legislation, passed out of committee in July 2023, would clarify how the U.S. Commodity Futures Trading Commission and Securities and Excha
Bitcoin Difficulty Set to Rise 3.82% to All-Time High of 39 Trillion Following Recent Increase
Bitcoin Difficulty Set to Rise 3.82% to All-Time High of 39 Trillion Following Recent Increase The Bitcoin network is set to record another meaningful difficulty increase on Sunday
SUI Price Soars Despite Overbought RSI – Can The Rally Sustain?
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
CZ sentenced: A chronology of Binance’s legal battles in the US
Ana Paula Pereira3 hours agoCZ sentenced: A chronology of Binance’s legal battles in the USFormer Binance CEO Changpeng “CZ” Zhao was sentenced to four months in prison for violating U.S. money laundering laws.869
Senator Cynthia Lummis releases report attacking Biden’s mining tax
Vince Quill2 hours agoSenator Cynthia Lummis releases report attacking Biden’s mining taxThe pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.301 Tota
Martin Young2 hours agoRevoke adds new feature after users complain of fake approvals scamScammers have found a new way to make crypto by luring users into revoking fake approval transactions.1001 Total viewsListen to ar