✨ FBI Returns $5 Million to Victims of “Pig Butchering” Scam
posted 23 Aug 2024
North Carolina authorities recovered nearly $5 million in cryptocurrency that was stolen in the “Pig Butchering” scam. This fraud technique involves gradually "fattening up" the victim, allowing them to earn small amounts initially, which encourages further investments.
Court records reveal the criminals lured victims by posing as potential romantic partners online. After gaining their trust, the scammer would suggest a quick and easy way to make money, leading the victim to a fake crypto platform. This platform showcased an investment portfolio with abnormally high (but fake) returns, convincing the victim to invest even more.
When victims tried to withdraw their funds, they were often faced with various excuses, such as needing to pay taxes or penalties before their money could be released. These excuses were just another way to siphon more money from them.
The stolen funds were recovered thanks to the collaboration between law enforcement and Tether, the issuer of the USDT stablecoin.
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