Security News > 2023 > December > US detains suspects behind $80 million 'pig butchering' scheme
The U.S. Department of Justice charged four suspects for their alleged involvement in a pig butchering fraud scheme that resulted in more than $80 million in victim losses.
Criminals behind pig butchering scams approach victims via various messaging apps, dating platforms, or social media platforms, build trust, and introduce them to investment schemes that eventually allow them to drain the targets' cryptocurrency wallets.
"The overall fraud scheme in the related pig-butchering syndicate involved at least 284 transactions and resulted in more than $80 million in victim losses. More than $20 million in victim funds were directly deposited into bank accounts associated with the defendants," the Justice Department said today.
"In 2022, investment scam losses were the most scheme reported to the IC3. Investment fraud complaints increased from $1.45 billion in 2021 to $3.31 billion in 2022, which is a 127% [increase]," the FBI warned.
"Within those complaints, cryptocurrency investment fraud rose from $907 million in 2021 to $2.57 billion in 2022, an increase of 183%.".
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