The American authorities have announced the seizure of millions of dollars in cryptocurrency linked to a romance and investment fraud bend that used so-called “pig separation” tactics.
The Ministry of Justice (DOJ) said it was able to intercept $ 9 million to Tether, a cryptocurrency linked to the US dollar. It followed the funds via cryptocurrency addresses that are reportedly linked to a well -known fraud gang that operated more than 70 victims.
Butching of pigs often starts with an unsolicited message on social media or a dating site. As soon as the scammer has won the victim’s confidence for a certain period, they will convince them to do crypto investments in what non-existent trading platforms appear to be.
Acting assistant-processor-general Nicole Argentieri of the Criminal Division of the Ministry of Justice, said she hoped that the seizure would close the victims affected by this scam ring while serving as a warning for cyber criminances.
Read more about pig’s feat: fraudsters steal more than $ 1 million in three weeks by ‘pig Butching’ crypto scam
“Because of this important seizure, we have disrupted the financial infrastructure of an organized network of scammers who have stolen millions of victims in the United States,” she added.
“These scammers hunt for ordinary investors by making websites that say that their investments work to make money. The truth is that these international criminal actors simply steal cryptocurrency and leave victims nothing behind.”
According to the Doj, US secret service analysts could follow deposits of the victims, even while they were quickly washed by dozens of cryptocurrency addresses and exchanged for different currencies, in a technique known as “chain hopping”.
The case emphasizes the value of victims who report fraud, even when everything seems to be lost, to authorities such as the FBI’s Internet Crime Combination Center (IC3) and Federal Trade Consumer Sentinel Network.
Although significantly, the attack fades in comparison with the $ 112 million that was trapped in April from six cryptocurrency portfolios used to launder the yields of pig separation.