US Seizes $5 Million in Cryptocurrency Linked to Alleged ‘Pig Butchering’ Scam

Published on August 26, 2024

The U.S. attorney for the Eastern District of North Carolina said that investigators seized almost $5 million worth of Tether, a cryptocurrency pegged to the dollar, which was allegedly defrauded from Americans as part of an investment scam. The seized funds belong to the alleged victims of “pig butchering” schemes, according to an Aug. 22 statement from the district attorney’s office. The schemes are known as “pig butchering” because of the way criminals feed potential victims with promises of romance and riches. This type of scam began in China in 2019 and is now becoming more prevalent in the United States. In the current case, it is alleged that criminals defrauded people by first approaching them under the pretext of romantic relationships to build up trust, the statement said....

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