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DOJ Files To Seize $225 Million In Crypto From Scammers
The DOJ has filed a civil complaint to seize $225.3 million in cryptocurrency linked to pig butchering scams -- long-con frauds where victims are tricked into fake crypto investments. The funds were laundered through a blockchain network, and the DOJ says recovered money will go toward reimbursing v...
The DOJ has filed a civil complaint to seize $225.3 million in cryptocurrency linked to pig butchering scams-- long-con frauds where victims are tricked into fake crypto investments. The fraud fell under what's typically known as "pig butchering": a form of long-running confidence scam aimed at tricking victims -- sometimes with a fake romantic relationship -- into what they believe is a profitable crypto investment opportunity, then disappearing with the funds. The DOJ says Tether and crypto exchange OKX first alerted law enforcement in 2023 to a series of accounts they believed were helping launder fraudulently obtained currency through a vast and complex web of transactions.
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