Security News > 2022 > November > U.S. Authorities Seize Domains Used in 'Pig butchering' Cryptocurrency Scams

The fraudulent scheme, which operated from May to August 2022, netted the actors over $10 million from five victims, the DoJ said.

The criminals encounter potential victims on dating apps, social media sites, and SMS messages.

"Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim," the DoJ said.

"Pig Butchering fraud highlights the lengths actors will go to socially engineer a target into falling victim to crime perpetuated by large cybercrime ecosystems," Sherrod DeGrippo, vice president of threat research and detection at Proofpoint, previously told The Hacker News.

An advisory released by the U.S. Federal Bureau of Investigation last month noted how when the victims attempted to withdraw their investments, they were asked to pay extra taxes or penalties, leading to more loss.

"In addition to cryptocurrency-based lures, these criminal enterprises have used gold, forex, stocks, and other subjects to exploit their victims," researchers Tim Kromphardt and Genina Po said.

News URL

https://thehackernews.com/2022/11/us-authorities-seize-domains-used-in.html