Security News > 2024 > March > US moves to recover $2.3 million from "pig butchers" on Binance
The U.S. Department of Justice is recovering $2.3 million worth of cryptocurrency linked to a "Pig butchering" fraud scheme that victimized at least 37 people across the United States.
Pig butchering is a social engineering scam where fraudsters contact people on social media and messaging platforms to build trust.
Pig butchering scams usually start as romance scams, in which the malicious actor builds a trusting relationship with the victim before introducing them to a cryptocurrency investment scheme.
While investigating a 2023 pig butchering scheme targeting a Massachusetts resident who lost $400,000, law enforcement investigators traced the fund transmissions to two Binance wallets holding approximately $2,300,000 in crypto.
Last year, the FBI warned about pig butchering cryptocurrency investment schemes becoming more frequent, costing victims in the U.S. over $2 billion annually.
If you have already invested funds in what appears to be a scam platform, do not pay any additional amounts disguised as "Withdrawal fees" or services that claim the capability to recover the lost funds, as this will only lead to further losses.