Security News > 2023 > November > US cybercops take on 'pig butchering' org, return $9M in scammed crypto

The US has seized nearly $9 million in proceeds generated by exploiting more than 70 victims across the nation in so-called "Pig butchering" scams.

Authorities tracked payments to cryptocurrency addresses belonging to one organization known for romance scams and fake cryptocurrency investments, known together as "Pig butchering" which means the marks are "Fattened" for slaughter as they load up scammers' accounts before being taken for as much as the crims can extract.

Cryptocurrency laundering used to be performed using services called mixers and tumblers but after a series of arrests and sanctions, scammers have started to use fresh forms of laundering.

Romance scammers and fake crypto investors have been firmly in the crosshairs of law enforcement for some time, in part due to the continued success they continue to generate.

According to the FTC's figures, nearly 70,000 US citizens reported romance scams in 2022, netting cybercriminals at least $1.3 billion in the process.

Speaking on the most recent seizure, Ismail J. Ramsey, US attorney for the Northern District of California, said the government would continue to crack down on these scams.

News URL

https://go.theregister.com/feed/www.theregister.com/2023/11/22/us_cybercops_take_on_pig/