Service of $ 225 million in cryptocurrency stumbles fraudsters with a stitch known as “PIG Butchering”. Now the US authorities have managed to freeze the money.
• US Justice Ministry confiscated around $ 225 million in Tether
• identified more than 400 fraud victims
• Authorities in cooperation with crypto platforms
The method: trust as a weapon
It often starts harmless: simple news, friendly entertainment via a dating app or a comment on social media. But behind it is often a sophisticated system: Incidental relationships are built up in order to persuade the other person to invest in cryptocurrencies. But the advertised platforms are fake. The promised profits only exist on the screen. At some point the contact disappears – and the money with him.
This stitch has a name: “Pig Butchering”. The term “Sha Zhu Pan” is circulating in Asia. The victim is first “fattened”, ie emotionally bound to the perpetrator before it is “slaughtered” – with mostly devastating financial consequences.
US Ministry of Justice is back: $ 225 million frozen in USDT
However, the US Ministry of Justice recently announced that around $ 225 million was confiscated in the cryptocurrency Tether (USDT), which had been collected by means of this fraud. The Wallets were previously reported by the OKX crypto bite after suspicious transactions noticed, reports The Verge. According to the US public prosecutor’s press, this is the largest securing in connection with the PIG Butchering method. So far, more than 400 people have been identified as victims of fraud. The authorities speak of a milestone in the fight against digital financial crime.
So the fraud worked in detail
The perpetrators used deceptively real -looking trading platforms for their fraud stitches on which the victims apparently invested and viewed profits. In reality, however, everything was simulated. Payouts have been refused or with new fees. Many of the victims were convinced of acting on a real stock exchange, according to Techtarget. They only became clear to them that they communicated with criminals who spoke as a trader or financial advisor when it was too late.
The stealed money was then smuggled over thousands of transactions – mostly in Tether – through various wallets and stock exchanges. The stable coin not only served the fast processing, but also makes it difficult to trace. According to the Ministry of Justice, the fact that it was nevertheless managed to ensure millions in the millions shows how effective the cooperation with the platforms was.
Editor finance.net
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