U.S. Authorities Recover $5M Tether in ‘Pig Butchering’ Scam
Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.
U.S. authorities have seized almost $5 million worth of Tether allegedly associated with “pig butchering” scams.
The Tether was stolen using cryptocurrency investment scams, and the investigation team worked with Tether for its help in transferring the assets, said the U.S. Attorney for the Eastern District of North Carolina in a statement.
“As criminal actors continue to evolve in the world of cyber-enabled fraud, the FBI and its law enforcement partners must also evolve,” said FBI agent Robert DeWitt.
“This cryptocurrency seizure serves as an example of the FBI adapting to the changing criminal landscape and fighting for victims of cyber-enabled fraud schemes,” warns DeWitt.
In June, the U.S. Federal Trade Commission (FTC) warned consumers of the rise in pig butchering scams or romance scams involving crypto investments.
Pig butchering is a term that originated in Southeast Asia and comes from the Chinese phrase Shāz Hū Pán. This catfishing-inspired scam usually involves a slow-burning long-term fraud.
To start with criminals approach and recruit victims through the pretense of a romantic relationship to develop their trust.
Pig butchering is a form of sophisticated online fraud, often targeting unsuspecting individuals through the guise of a romantic relationship.
The term “pig butchering” itself refers to the scammer’s process of “fattening up” the victim, much like a farmer would fatten a pig before slaughter, by gaining their trust.
To initiate the scam, criminals approach their victims through dating apps, social media, or even messaging platforms,
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