In the United States, so-called “pig slaughter” crypto scams appear to be extremely popular among cybercriminals. Four fraudsters are suspected of this type of “pig slaughter” scam. The arrested suspects face up to 20 years in prison per charge, a sign of the seriousness with which these crimes are currently being treated.
A wave of new crypto scams
The “pig slaughter” scam, so called because victims are “fattened” for subsequent fraud, is a new threat in the crypto world. Victims are lured via social media and dating platforms, where they are lured into seemingly lucrative crypto investments.
The three suspects arrested in the USA are said to have stolen more than $80 million from unsuspecting investors, reports the US Department of Justice. An astronomical sum that once again underlines how dangerous these fraudsters can be.
In response to this growing threat, the state of California has taken an active role and developed a “crypto fraud tracker.” This initiative is an important step in protecting against fraudulent practices.
Crypto fraudsters don’t let up
This latest development in the United States is a stark warning to everyone in the crypto community. It highlights the need for vigilance and careful consideration when investing in cryptocurrencies. As the popularity of cryptocurrencies continues to grow, so does the creativity of scammers. It is important for investors to stay informed and report suspicious activity to protect themselves and others from these complex scams.
This specific case may be taking place in the United States, but crypto scammers are also active in Europe. Previously, crypto news reported that love was increasingly being used as bait by scammers. So as a crypto investor, always stay alert.
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