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3mo ago

Justice Department Seizes Record $225.3 Million From ‘Pig Butchering’ Scams

The DOJ is coordinating with the Secret Service, FBI, Tether to return seized assets to over 400 victims worldwide.

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Cryptocurrency scams have become increasingly common in the U.S. over the past five years.
Jeanine Pirro, the interim US attorney for the District of Columbia, speaks during a Department of Justice press conference on Wednesday, June 18.
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Overview

  • The DOJ filed a civil forfeiture complaint to seize $225.3 million in cryptocurrency linked to global ‘pig butchering’ scams, marking the largest such seizure in U.S. Secret Service history.
  • Investigators used blockchain analysis to trace the funds through a complex laundering network that executed hundreds of thousands of transactions.
  • Prosecutors say more than 400 victims worldwide were duped by fraudulent investment platforms, resulting in millions of dollars in losses.
  • Tether, issuer of the USDT stablecoin, assisted federal investigators by identifying and freezing the illicit tokens.
  • The DOJ is working with the Secret Service, FBI, and Tether to return the seized assets to affected victims.