US Justice Department Seizes Cryptocurrency Worth $112 Million in ‘Pig Butchering’ Crackdown

The U.S. Department of Justice (DOJ) says it has seized cryptocurrency worthy implicit $112 cardinal linked to fraudulent concern schemes known arsenic “pig butchering.” According to tribunal documents, the seized crypto accounts were allegedly “used to launder proceeds of assorted cryptocurrency assurance scams,” the Justice Department said.

$112 Million successful Crypto Seized by DOJ

The U.S. Department of Justice (DOJ) announced Monday that it has seized cryptocurrency worthy much than $112 cardinal “linked to cryptocurrency concern scams.” Noting that the Federal Bureau of Investigation (FBI) Phoenix Division is investigating this case, the announcement details:

Seizure warrants for six virtual currency accounts were authorized by judges successful the District of Arizona, the Central District of California, and the District of Idaho.

“According to tribunal documents, the virtual currency accounts were allegedly utilized to launder proceeds of assorted cryptocurrency assurance scams,” the DOJ said.

The announcement describes “pig butchering” schemes wherever scammers often people victims done “social networking and online communications platforms, dating websites, and telephone calls and substance messages that are meant to look to person been misdialed.” After gaining the spot of their victims, scammers present the thought of cryptocurrency trading and transportation them to put successful crypto schemes wherever the funds are redirected to accounts controlled by them.

Victims whitethorn spot evident gains and adjacent retreat immoderate wealth to physique trust. However, aft making a ample investment, they can’t retreat their funds. Scammers whitethorn petition much wealth for taxes oregon fees, promising entree to the account. The scam continues until the victim’s savings are depleted.

The Federal Bureau of Investigation (FBI)’s Internet Crimes Complaint Center (IC3) precocious revealed that concern fraud accounted for the highest losses of immoderate scam, totaling $3.31 billion. The bureau noted that cryptocurrency concern fraud rose 183% from $907 cardinal successful 2021 to $2.57 cardinal successful 2022.

What bash you deliberation astir the DOJ seizing crypto successful a pig butchering scam crackdown? Let america cognize successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.