The U.S. Department of Justice (DOJ) says it has seized over $112 million worth of cryptocurrency linked to a fraudulent investment scheme known as “Slaughter of Pigs.” According to court documents, the seized crypto accounts were “used to launder the proceeds of various crypto trust scams,” the Department of Justice said.
$112 Million Crypto Seized by DOJ
The U.S. Department of Justice (DOJ) announced Monday that it has seized more than $112 million in cryptocurrency “related to cryptocurrency investment fraud.” Noting that the Phoenix Division of the Federal Bureau of Investigation (FBI) is investigating the incident, here are the details of the announcement:
Judges for the Districts of Arizona, Central California, and Idaho have approved seizure warrants against six cryptocurrency accounts.
“Court documents allegedly used cryptocurrency accounts to launder the proceeds of various cryptocurrency trust frauds,” the Department of Justice said.
The announcement describes a “pig slaughter” scheme in which scammers often target victims through “social networking and online communication platforms, dating sites, and apparently misdialed phone calls and text messages.” increase. After gaining the victim’s trust, the scammer introduces them to the idea of cryptocurrency trading and persuades them to invest in crypto schemes where the funds are redirected to accounts they control.
Victims may even withdraw some money to gain tangible benefits and build trust. However, once you have made a large investment, you will not be able to withdraw your funds. Scammers may promise access to your account and demand additional fees for taxes and fees. The scam continues until the victim’s savings are depleted.
The Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3) recently revealed that investment fraud accounts for the largest losses in fraud, totaling $3.31 billion. The agency noted that cryptocurrency investment fraud increased 183% from $907 million in 2021 to $2.57 billion in 2022.
What are your thoughts on the DOJ’s seizure of cryptocurrency in its pig slaughter crackdown? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons, Lev Radin
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.
