For the first time, the US Department of Justice has seized seven domains linked to websites promoting “pig butchering” scams, where fraudsters trick victims of romance scams into investing in cryptocurrencies through fake investment platforms.
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The list of domains seized includes simexcbr.com, simexlua.com, simexwim.com, simexarts.com, simexrue.com, simexvtn.com and simexbiz.com. All spoofed the domain used by the Singapore International Monetary Exchange (SIMEX).
These pig butchering scams, which originated in Asia, have spread across social media and dating app users worldwide. The scammers exploit unsuspecting victims by building trust with them using manipulative tactics before finally stealing their money.
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After “hooking” their prey, members of the cybercrime ring assign someone else to manage the fraudulent cryptocurrency investment platforms.
Once the scammers have successfully solicited their victims for investment funds and are paid via prepaid cards, wire transfers , or cryptocurrency payments to wallets they control, they close the fake crypto investment portal and disappear with the money.
Five victims lost $10 million
The U.S. Department of Justice announced this week that five victims were defrauded of more than $10 million by a scheme that used seven seized domains to trick people into transferring crypto to an account that emptied as soon as the money was deposited.
For example, in August 2022, one of the people who was scammed told police that one of the scammers had found him on LINE or WeChat and then promoted a cryptocurrency investment platform to him using simexlua.com.
In May 2022, people were tricked into investing in a fake app. Initially, only small investments were made – around $400. However, after being given a deposit address by the scammers, the victims transferred almost $10 million worth of crypto to them.
The scammers also sent “trade profit” notifications to the victim after each deposit through the app. Their goal was to continue investing.
When the victim attempted to withdraw some of the winnings, the scammers demanded additional payments of "taxes," "fees," and "security deposits" to prove they were "not involved in any illegal behavior.".
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Cryptocurrencies have become increasingly popular in recent years due to the convenience and anonymity that digital transactions offer, but they also come with certain risks that should be considered before making any investment in them.
Information source: bleepingcomputer.com
