US Prosecutors Pursue Forfeiture of $2.54 Million in USDT Linked to Fraudulent Pig Slaughter Scheme

IconCryptoNewsTerminal Staff16 Jul, 2024

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US Prosecutors Pursue Forfeiture of $2.54 Million in USDT Linked to Fraudulent Pig Slaughter Scheme

The United States Department of Justice (DOJ) has filed a civil forfeiture complaint seeking to seize $2.54 million in Tether (USDT) allegedly obtained through a cryptocurrency scam involving the slaughter of pigs. According to the complaint, the USDT is held in two accounts and represents the proceeds of a scheme in which the defendants fraudulently obtained millions of dollars from investors by falsely claiming to operate a legitimate pig slaughterhouse. The DOJ alleges that the defendants slaughtered a small number of pigs and used images and videos of the slaughter to create the illusion of a thriving business. If the court grants the forfeiture, the proceeds will be used for victim relief and other purposes, as determined by the court. This action demonstrates the DOJ's commitment to combating cryptocurrency-related fraud and protecting investors.

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