‘Pig Slaughter’ scam tackled: $112m in crypto seized

The United States Department of Justice (DOJ) recently made a huge loot crypto confiscated. These cryptocurrencies would be linked to a special kind of scam, namely ‘pig butchering’, or ‘pig slaughter’. This form of scam has recently become extremely popular among scammers and other malicious parties.

Crypto scammers dealt with harshly

The form of scam got its name from the way pigs are fattened before they are taken to the slaughterhouse. In the case of the crypto scam, of course, no one is slaughtered, but scammers run off with the victim’s money.

Criminals contact victims through posts on social media, for example, and offer them a great investment that can generate significant profits. They explain how they found the contact details and lure people into suspicious schemes. The criminals thus establish a confidential relationship, often even a romantic relationship, with the victims and eventually they make off with as much money as possible.

The Americans have broken up a gigantic organization of this kind in the city of Los Angeles. According to a press release of the Ministry, more than $66 million in cryptocurrencies are stored in a specific account. This has now been confiscated in its entirety by the Ministry of Justice.

“The victims in scams are referred to as ‘pigs’ by the scammers because the scammers use elaborate storylines to trick the victims into believing they have a romantic or otherwise close personal relationship. Once the victim has enough confidence in the scammer, the scammer puts the victim into a cryptocurrency investment plan,” the affidavit reads.

‘Pig Butchering’ popular everywhere

Such mala fide practices are not only taking place on the other side of the Atlantic. It also often happens closer to home. were in the United Kingdom earlier this year Nearly 170 ‘scam companies’ have been tracked down, some of which are said to be guilty of this form of fraud.

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It is therefore not surprising to believe that such scammers are also active in the Netherlands and Belgium.

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