US Authorities Seize Crypto Linked to Pig-Butchering Scam Held at Binance

U.S. authorities are seeking to retrieve cryptocurrencies linked to the fashionable pig-butchering crypto scam. “Law enforcement was capable to hint cryptocurrency progressive successful the fraud and wealth laundering to 2 Binance accounts, wherever it was seized,” the United States Attorney’s Office for the District of Massachusetts has revealed.

US Continues to Crack Down connected Pig-Butchering Crypto Scam

The United States Attorney’s Office for the District of Massachusetts announced Tuesday that it has filed “a civilian forfeiture enactment to retrieve cryptocurrency alleged to beryllium the proceeds of a ‘pig-butchering’ fraud strategy targeting a Massachusetts nonmigratory and progressive successful wealth laundering.” The announcement details:

Specifically, the authorities seeks to forfeit 412,543.555 tether (USDT) and 100.896 Binance coin (BNB) seized from 2 accounts located astatine Binance.com, a cryptocurrency speech and custodian.

The U.S. Attorney’s Office added: “Collectively, this cryptocurrency has a existent estimated worth of astir $434,000.”

The announcement explains that an probe began into a pig-butchering strategy targeting a Massachusetts nonmigratory successful aboriginal 2023. “In a pig-butchering scheme, scammers get funds from victims utilizing manipulative tactics. The scammer establishes a level of spot with a unfortunate successful online communications and past entices the unfortunate into investing successful a fraudulent cryptocurrency scheme. Often the unfortunate is enticed to marque further payments, earlier realizing they are a unfortunate of fraud,” the U.S. Attorney’s Office described.

The announcement adds:

Law enforcement was capable to hint cryptocurrency progressive successful the fraud and wealth laundering to 2 Binance accounts, wherever it was seized.

“The ailment alleges that the defendant’s cryptocurrency is traceable to proceeds of ligament fraud and was progressive successful wealth laundering. A civilian forfeiture enactment allows 3rd parties to asseverate claims to property, which indispensable beryllium resolved earlier the spot tin beryllium forfeited to the United States and returned to victims,” the Attorney’s Office noted.

Several U.S. authorities person warned astir the pig-butchering crypto scam. The Federal Bureau of Investigation (FBI) has issued aggregate alerts astir the increasing prevalence and popularity of this scam crossed the country.

In September past year, the Delaware Department of Justice’s Investor Protection Unit issued a cease and desist bid against 23 entities and individuals progressive successful this benignant of scam. The bid besides froze the accounts allegedly holding cryptocurrencies belonging to the victims. In November past year, U.S. authorities seized 7 domains utilized by a radical of pig-butchering scammers. In April this year, the U.S. Department of Justice (DOJ) seized cryptocurrency worthy $112 million linked to a pig-butchering crypto scheme.

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