U.S. Seizes $2.5M in Cryptocurrency from International Scam

U.S. attorneys are taking steps to seize $2.5 million in cryptocurrency from an international scam targeting American victims.

The U.S. Attorney’s Office for the District of Columbia has launched a civil forfeiture action to recover 2,546,415.01 USDT seized by the FBI from foreign perpetrators of a cryptocurrency scam known as “pig butchering.”

The scammer, reportedly based in Thailand, has two accounts holding the USDT in question. The FBI and Thai Royal Police are supporting the forfeiture effort.

Pig-Butchering Scams

Romance scams, often referred to as pig butchering scams, involve fraudsters befriending victims under the guise of a potential love interest. These scammers gain the trust of their victims and persuade them to make significant investments in seemingly lucrative opportunities.

Once the victim is convinced, they are lured into investing in what appears to be a promising cryptocurrency venture. However, the scammer has no intention of providing any returns and disappears with the money after the victim transfers the funds. These schemes often involve continuous pressure on the victim to invest more money before the fraudsters vanish.

Attorney Thoughts

U.S. Attorney Matthew M. Graves emphasized the office’s commitment to holding criminal organizations accountable, stating,

“We will find them, seize their illegal proceeds, and get money back to the victims.”

FBI Special Agent in Charge Stacey Moy condemned the increasing use of these elaborate scams, highlighting the FBI’s ongoing efforts to dismantle such criminal networks.

“The rate at which bad actors are using elaborate pig-butchering scams to defraud innocent people is despicable,” said Moy.

The forfeiture action, prosecuted by Assistant U.S. Attorney Rick Blaylock, Jr., aims to punish and deter criminal activity by depriving criminals of illegally obtained property. It also seeks to recover assets to compensate victims when authorized by federal law.

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