US Attorney’s Office Seeks to Reclaim $2.3M in Crypto Linked to 'Pig Butchering' Scam
Summary:
The Massachusetts U.S. Attorney’s Office has started legal proceedings to recover a variety of cryptocurrencies worth $2.3 million tied to the "pig butchering" operation, a scam which affected a Massachusetts resident and 36 others. The recoveries sought include USD Coin (USDC), Tether (USDT), Ether (ETH), and Solana (SOL) seized from Binance accounts. The term "pig butchering" refers to a scam technique where trust is established with a victim who is encouraged to invest in a crypto scheme, only for them to realize later that they've been defrauded.
Legal proceedings have been commenced by the Massachusetts U.S. Attorney’s Office to recover cryptocurrency tied to the so-called “pig butchering” operation, which ensnared a resident of Massachusetts and 36 other individuals. On March 13, the U.S. Attorney’s Office invoked a civil forfeiture action with the objective of retrieving $2.3 million held in diverse cryptocurrencies like USD Coin (USDC), Tether (USDT), Ether (ETH), and Solana (SOL) for the victims of online fraud and scams. Civil forfeiture action is a legal avenue utilized by law enforcement agencies to seize assets, suspected of being connected to unlawful activities. In these cases, the assets rather than individuals are usually the subjects of the legal process.
The cryptocurrencies which were seized from two Binance accounts in January comprise close to 300,000 USDC, 1.5 million USDT, 102,000 Tron (TRX), 3,000 SOL, and 14,000 Cardano (ADA), and were part of an investigation launched last spring into a "pig butchering
Published At
3/14/2024 10:41:39 AM
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