The United States Department of Justice (DOJ) has confiscated $112 million worth of cryptocurrencies that were linked to "pig butchering" scams. The DOJ revealed that the crypto assets were seized from six accounts that were based in the District of Arizona, Los Angeles, and the District of Idaho. According to the prosecutors, criminals used these addresses to launder the proceeds of various crypto frauds, including the notorious "pig butchering" scams.
"Pig butchering" scams involve criminals contacting potential victims via direct messages and luring them with the promise of significant profits from their investments. The fraudsters would develop a close relationship with their victims and gain their trust before asking them to invest in their dubious schemes. Unfortunately, these schemes turned out to be fraudulent, and people lost their investments.
The account in Los Angeles alone contained over $66 million worth of digital assets. The American authorities have been cracking down on crypto frauds and scams, and the confiscation of these assets is a significant blow to the criminals involved in these scams. The DOJ has warned people to be cautious of such investment schemes and to report any suspicious activity to the authorities.
