Home Crypto $112M Linked to Pig Butchering Scam Seized by US DOJ

$112M Linked to Pig Butchering Scam Seized by US DOJ

by Michael Nicholas
0 comment
US DOJ seize $112M in crypto scam

The United States Department of Justice (DOJ) has successfully seized assets worth $112M in cryptocurrency in a pig butchering scam. The department said that these scams have been on rise over the past few years and they are working hard to find other such scams prevailing in the country.

What is a Pig Butchering scam?

Through pig butchering scams, the scammers try to win the trust of the victims by showing that they are legitimate. After the victims start trusting the scammers, they are brought into fake cryptocurrency investment schemes. Victims are mostly targeted through social media platforms, misdialed calls and messages, and dating websites.

Half of the seized funds held in one account

The authorities reported that they seized six accounts that were linked with the scam which were based in Los Angeles, Idaho, and Arizona. The Los Angeles account had nearly $66 M which accounts for half of the funds. At least 10 victims have been identified by the authorities and the last transfer of funds occurred on 21 March.

Crypto scams on the rise

According to ImmuneFi, crypto scams have been on a rise with roughly a 192% increase every year. NFTs and DeFi are the most vulnerable targets because of the amount that flows into these two niches. The problem has reached such a stage that the California Department of Financial Protection and Innovation (DFPI)has developed Cryptocurrency Scam Tracker to help people. This tool will provide enough data and ideas on how scams are operated. 

Michael Nicholas

As a highly experienced and successful crypto author, I have a proven track record of delivering quality, informative, and engaging content. My writing style is clear, concise, and easy to read, which makes complex topics accessible to a wide audience. With a keen eye for detail and an analytical mind, I am able to break down complicated concepts and effectively convey them.

You may also like


Coinmiller is an independent news publication covering a wide range of stories about the Blockchain and Crypto industry.

Copyright © Coinmiller