The US Justice Department has announced the seizure of nearly $9 million worth of Tether, a popular cryptocurrency. The seized funds have been linked to cryptocurrency addresses associated with an organization accused of exploiting over 70 victims through romance scams and cryptocurrency confidence scams, commonly referred to as “pig butchering
The world of cryptocurrency has recently witnessed a significant development as the US Justice Department takes a decisive step against cybercrime. In an official statement released on justice.gov, it was revealed that approximately $9 million worth of Tether has been seized, uncovering a network involved in romance scams and cryptocurrency confidence schemes.
The Rise of “Pig Butchering Scams:
The seized funds were traced to cryptocurrency addresses allegedly associated with an organization that exploited over 70 victims through romance scams and cryptocurrency confidence scams, a practice commonly known as “pig butchering.” This revelation sheds light on the increasing sophistication of cybercriminals in exploiting unsuspecting individuals for financial gain.
In the wake of these revelations, there is a growing call for increased vigilance among cryptocurrency users. The prevalence of scams, as evidenced by the romance and confidence schemes uncovered in this case, highlights the need for individuals to be more discerning and cautious in their interactions within the crypto space.s