Feds seize $112m in currency tied to 'pig-butchering scams

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Feds seize $112m in currency tied to 'pig-butchering scams
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Feds seize $112m in cryptocurrency linked to 'pig-butchering' finance scams

, so usually start with an innocent text or WhatsApp message. After the mark responds, the scammer works to develop a personal relationship with the victim, often sending photos and the like, before convincing them to invest in a cryptocurrency"opportunity."

"Eventually, most victims are completely locked out of their accounts and lose all of their funds," the court documents state.In one case detailed in the warrant, a female named"Jenny" approached the victim, a retiree identified as"JZ" on Facebook. She claimed to be an expert in gold spot trading, and after corresponding with JZ, introduced him to a trading platform where her"friend" was the CFO.

By March 2022, JZ had deposited $1.1 million, and his"trading gains" boosted his account to $2.4 million. However, after a series of"very aggressive trades," JZ lost it all. Jenny promised JZ if he came up with $300,000, she would loan him $650,000 to make up for his losses. At this point, JZ's account was frozen, and he was told he needed to pay a $466,000"verification fee" to unfreeze it. So he paid up. Then, he had to pay another $230,000 for"final verification."

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