Home Cyber Security $9 million seized from “pig butchering” scammers who preyed on lonely hearts

$9 million seized from “pig butchering” scammers who preyed on lonely hearts

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$9 million seized from “pig butchering” scammers who preyed on lonely hearts

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US authorities have seized nearly $9 million price of cryptocurrency linked to a gang engaged in cryptocurrency funding fraud and romance scams.

The US Division of Justice has introduced that the seized funds are related to cryptocurrency pockets addresses alleged to be related to a “pig butchering” gang that has claimed over 70 victims around the globe.

“Pig butchering” is among the world’s fastest-growing forms of scams. Usually, fraudsters lure unwary victims into an internet romance (typically having made the preliminary method through a courting web site or an unsolicited message through social media), constructing belief over time earlier than finally manipulating their goal into investing in a cryptocurrency platform.

Nevertheless, what the sufferer would not know is that the fraudster additionally controls the cryptocurrency platform and can finally vanish, taking all the cash with them.

The “pigs” (the victims) are successfully being “fattened up” for “slaughter” (the eventual theft of as a lot cash as doable.)

In line with the US Division of Justice, its investigators had been in a position to hint victims’ deposits, observing that the scammers would shortly launder their ill-gotten funds via a number of cryptocurrency addresses and totally different digital currencies – a method often called “chain hopping.”

“These scammers prey on atypical buyers by creating web sites that inform victims their investments are working to make them cash. The reality is that these worldwide legal actors are merely stealing cryptocurrency and leaving victims with nothing,” stated Appearing Assistant Legal professional Common Nicole M. Argentieri of the Justice Division’s Prison Division. “This seizure must also function a reminder to cybercriminals that, though the present panorama of the cryptocurrency ecosystem might look like a perfect technique to launder ill-gotten good points, regulation enforcement will proceed to develop the experience wanted to observe the cash and seize it again for victims.”

Earlier this 12 months, the US Division of Justice revealed that it had seized roughly $122 million price of cryptocurrency from accounts linked to pig butchering funding scams.

In 2022, the FBI’s Web Crime Grievance Middle (IC3) reported that funding fraud brought on larger losses than some other type of rip-off reported by the general public, with a complete of $3.31 billion, with pig butchering and different cryptocurrency-related fraud taking the bulk share.

Victims of web scams are suggested to file studies with the FBI’s IC3 and with the FTC.


Editor’s Word: The opinions expressed on this visitor creator article are solely these of the contributor, and don’t essentially mirror these of Tripwire.

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