U.S. Files Civil Forfeiture To Recover Millions in Pig Butchering Scams
The U.S. Attorney’s Office for the District of Columbia filed a civil forfeiture action on Tuesday in hopes of recovering cryptocurrency stolen from abroad – including $2 million USDT – in “pig butchering” schemes, a Tuesday July 17 press release reveals.
A “pig butchering” scheme is a scamming technique wherein victims are lured into making contributions to fraudsters – typically in the form of cryptocurrency – who manipulate and exploit their trust. The name for the grim tactic analogizes the sudden theft predated by a period of trust-building experienced by unwitting victims with fattening pigs before slaughter, “ultimately causing the victim financial and emotional harm.”
The civil forfeiture filing, a move that grants the government the ability to seize perpetrated assets, will see the multi-million digital asset bounty located primarily in two Thailand-based accounts retrieved.
“Our office will find and hold accountable criminal organizations – whether they operate within the United States or outside of if – that use fraudulent investment schemes like ‘pig butchering’ to defraud victims in the U.S.,” said U.S. Attorney Graves. “This forfeiture action demonstrates that scammers cannot hide their illegal activity by using cryptocurrency and engaging in complicated transactions: we will find them, seize their illegal proceeds, and get money back to the victims.”
“Pig butchering schemes” have seemingly received greater attention in recent months due to a surge in their popularity, with the U.S. The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released an alert in September of last year notifying the public of their drastic rise.
A new study published this year by University of Texas
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