US authorities have announced the seizure of millions of dollars worth of cryptocurrencies linked to a gang behind romance scams and investment fraud that used so-called “pig butchering” tactics.
The US Department of Justice (DoJ) said it was able to steal $9 million worth of Tether . It traced the funds to crypto addresses allegedly linked to a known gang. In fact, the scammers have exploited more than 70 victims.
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Pig butchering scams often start with a message on social media or a dating site. The scammers start regular communication with the victims and once they gain their trust, they try to convince them to make crypto investments on platforms that are actually built by the attackers. In this way, the scammers steal the victims’ money.
Deputy Attorney General Nicole Argentieri of the Department of Justice's Criminal Division hopes that this seizure will help victims affected by this fraud scheme, while also serving as a warning to cybercriminals.
"Through this significant seizure, we disrupted the financial infrastructure of an organized network of fraudsters who stole millions from victims across the United States," he added.
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“These scammers create websites that tell victims that their investments will make them money. The truth is, these criminals are simply stealing cryptocurrency and leaving the victims with nothing.“.
US intelligence agencies were able to trace the deposits made by the victims, even when they were “rapidly laundered” through dozens of addresses and exchanged for different currencies.
Indeed, the seizure of $9 million has a significant impact on the fraudsters’ Pig butchering operations. This seizure is an important message from the US authorities that fraud will not be tolerated and that there will be serious consequences for those involved. This is certainly a major loss for the fraudsters that may affect their ability to continue their malicious activities to some extent.
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Furthermore, the seizure of $9 million will create an environment of insecurity for the fraudsters and force them to reconsider their activities. This loss will affect their financial well-being and force them to look for new ways to continue their fraud. At the same time, this success may encourage authorities to intensify their efforts to detect and combat pig butchering scams.
Source: www.infosecurity-magazine.com
