'Pig-Butchering' Crypto Scams Steal Over $75 Billion

Overseas criminal networks, often involving human trafficking victims, orchestrate the scams.

'Pig-butchering' cryptocurrency scams have stolen over $75 billion from investors, with a significant surge during the pandemic.
The scams are largely orchestrated by overseas criminal networks, often involving human trafficking victims forced to perpetrate the scams.
Most of the stolen funds were transacted using the stablecoin Tether, with significant amounts also in Bitcoin and through Coinbase.
Victims are lured through social engineering, building trust before being tricked into making fake investments.
Efforts to trace and combat these scams face challenges due to the decentralized nature of blockchain and the involvement of large, organized criminal networks.