In the USA, $80 Million Crypto Scam Using the ‘Pig Butchering’ Method

In Los Angeles, four individuals are alleged to have conducted a heist exceeding $80 million using the ‘pig butchering’ method through social media and dating apps. These individuals are currently being charged by the U.S. Department of Justice with conspiracy, money laundering for concealment, and international money laundering

Crypto scammers are not only composed of cyber attackers; some scammers lure users using various methods. One such method is ‘pig butchering fraud‘. In this method, scammers identify potential victims through social media or dating apps. By establishing trust-based relationships, they deceive their victims by offering investment advice and then defrauding them.

A recent example of this fraud was in Los Angeles, where four people were accused of laundering more than $80 million using the so-called ‘pig butchering’ and other fraudulent methods.

According to the U.S. Department of Justice (DOJ), these four individuals opened fake companies and bank accounts to launder the funds of the victims. As a result of these activities, a heist averaging $80 million was carried out. The individuals involved in this incident are being prosecuted for conspiracy, money laundering for concealment, and international money laundering charges and could face up to 20 years in prison.

Source: Coindesk

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