Justice Department Seizes $9M in Cryptocurrency from Scam Organization

Over 70 victims were exploited through 'pig butchering' scams, with funds laundered using 'chain hopping' technique.

The Justice Department seized nearly $9 million in Tether, a cryptocurrency pegged to the U.S. dollar, traced to addresses linked to a scam organization.
The scam organization exploited over 70 victims through romance scams and cryptocurrency confidence scams, also known as 'pig butchering'.
The scammers convinced victims they were making investments with trusted firms and cryptocurrency exchanges, which were in reality non-existent trading platforms.
The seized funds were quickly laundered through dozens of cryptocurrency addresses and exchanged for different cryptocurrencies, a technique known as 'chain hopping'.
The seizure is the result of a collaborative effort between the Justice Department and the U.S. Secret Service, with the latter's San Francisco Field Office leading the investigation.