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Authorities in North Carolina have seized nearly $5 million in cryptocurrency linked to an investment fraud scheme. The scheme, known as “pig butchering,” involved criminals creating fake romantic relationships to deceive victims into investing in fraudulent cryptocurrency platforms. Victims lost their life savings, with one losing an entire retirement account. $5 Million in Cryptocurrency Seized … Read more
The former CEO of failed Heartland Tri-State Bank was sentenced to over 24 years in prison for embezzling more than $47 million in a fraudulent crypto scheme that caused the bank’s collapse. He funneled the stolen funds into cryptocurrency wallets linked to a “pig butchering” scam, leading to a $9 million loss for investors and … Read more
Chainalysis’ Operation Spincaster found over 2,000 Australian-owned crypto wallets were hit by “approval phishing” scams. Go to Source
The Commodity Futures Trading Commission (CFTC) warns about repeated fraud targeting victims multiple times, often by the same criminals. Common fraud types include relationship crypto frauds, also known as “pig butchering,” where scammers form online relationships, encourage investments in bogus crypto trading schemes, and then steal funds. Victims often face additional scams, such as fraud-recovery … Read more
The U.S. Attorney’s Office has launched a civil forfeiture action to reclaim cryptocurrency seized by the FBI from international fraudsters involved in “pig butchering” schemes. This initiative aims to return the stolen funds to victims and hold criminals accountable. “The rate at which bad actors are using elaborate pig-butchering scams to defraud innocent people is … Read more
Several federal agencies, including the Federal Bureau of Investigation (FBI) and the U.S. Securities and Exchange Commission (SEC), convened at a Fraud Disruption Conference to combat crypto scams, particularly the “pig butchering” fraud that siphons billions from Americans annually. The meeting brought together over 300 officials from 15 federal agencies to strategize against this pervasive … Read more
The Washington State Department of Financial Institutions (DFI) issued a warning on Thursday after it received a complaint from a Washington investor about Fameex, now offline. The investor, a real estate agent, met scammer “Jackson Qie” via an unsolicited text. Qie convinced him to invest over $113,000 in ether (ETH) and tether (USDT) on Fameex. … Read more
An indictment unsealed in the Central District of California charges two Chinese nationals, Daren Li and Yicheng Zhang, with leading a scheme to launder at least $73 million tied to an international crypto investment scam, often known as “pig butchering.” Li and Zhang allegedly managed a global network that laundered proceeds from fraudulent crypto investments, … Read more
According to on-chain analytics firm Chainalysis, romance scammers increasingly use this method to steal their victim’s hard-earned crypto. Go to Source
On-chain data shows the $4.5 million was first transferred from the Kraken crypto exchange before eventually arriving at an address purportedly owned by a scammer. Go to Source
