US Authorities Crack Down on Cryptocurrency 'Pig Butchering' Scam, Seizing $5 Million
CryptoNewsTerminal Staff22 Aug, 2024
US Authorities Crack Down on Cryptocurrency 'Pig Butchering' Scam, Seizing $5 Million
The U.S. Attorney's Office for the Eastern District of North Carolina has announced the seizure of $5 million in USDT, a cryptocurrency, linked to a sophisticated cryptocurrency scam known as the "pig butchering" scheme. The pig butchering scam is a type of fraud in which perpetrators build trust with their victims over time and entice them to deposit assets into fraudulent cryptocurrency wallets or websites controlled by the perpetrators. These scams frequently target inexperienced cryptocurrency investors. The announcement by the U.S. Attorney's Office serves as a reminder of the importance of exercising caution when investing in cryptocurrencies and the prevalence of online scams. The case also highlights the efforts of law enforcement agencies to combat cryptocurrency-related crimes and protect investors.
