Feds in LA seized $66.5 million in cryptocurrency which were all linked to an investment scam commonly called 'pit butchering.'
According to court documents, the virtual currency accounts in Los Angeles and elsewhere were used to launder proceeds of various cryptocurrency confidence. In these schemes, fraudsters cultivated long-term, online relationships with victims, eventually enticing them to make investments in fraudulent cryptocurrency trading platforms.
"The victims in Pig Butchering schemes are referred to as `pigs' by the scammers because the scammers will use elaborate storylines to `fatten up' victims into believing they are in a romantic or otherwise close personal relationship," according to an affidavit in support of the Los Angeles seizure warrant. "Once the victim places enough trust in the scammer, the scammer brings the victim into a cryptocurrency investment scheme.
Authorities executed the Los Angeles seizure warrant in December and received the last transfer of cryptocurrency on March 21. The affidavit in the Los Angeles seizure warrant discussed a series of cryptocurrency investment scams, one of which targeted a woman who was contacted on LinkedIn by a man who used the name "Fei Kuang."
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