The US Attorney’s Office in Massachusetts is on a mission to reclaim $2.3 million in cryptocurrency linked to an online scam that has left 37 victims in its wake. The scam, known as the “pig butchering” scheme, involves fraudsters building fake online relationships with their targets over an extended period, only to defraud them of significant crypto investments.
Authorities have taken action by filing a civil forfeiture case, a legal process that allows law enforcement agencies to seize assets believed to be connected to criminal activity without charging the owners with a crime. The investigation into this scheme began in early 2023 and uncovered connections to funds from 37 victims, including a case where a Massachusetts resident was tricked into sending $400,000 to scammers.
The cryptocurrencies involved in the scam include approximately $1.5 million in USDT, $3,000 in SOL, $300,000 in USDC, $14,000 in ADA, and $102,000 in TRX. This case serves as a reminder of the importance of vigilance in the digital asset space and the ongoing efforts of law enforcement and regulatory agencies to protect investors from sophisticated online scams.
In related news, FixedFloat has confirmed a hack that resulted in the theft of at least $26 million in Bitcoin and Ether. Stay tuned for more updates on this developing story.
