Four Indicted in $80 Million 'Pig Butchering' Cryptocurrency Scam

The defendants allegedly used social media and dating services to defraud victims, with over $20 million directly deposited into their accounts.

Four individuals, Lu Zhang, Justin Walker, Joseph Wong, and Hailong Zhu, have been indicted for their involvement in a cryptocurrency investment scam known as 'pig butchering', resulting in over $80 million in victim losses.
The defendants allegedly used dating services and social media to gain the trust of victims, eventually convincing them to invest in fraudulent cryptocurrency platforms.
More than $20 million of the victim funds were directly deposited into bank accounts associated with the defendants.
Zhang and Walker have been arrested and pleaded not guilty, while Wong and Zhu are currently being sought by federal authorities.
The charges carry a maximum statutory sentence of 20 years in federal prison.