As Crypto Fraud Expands, Pig Butchering Scams Skyrocket 210%
With criminals using fresh tactics to maximize their illegal earnings, the terrain of crypto scams is changing at a concerning speed. Recent data from blockchain forensics firm Chainalysis reveals a significant shift in how scammers operate, showing a preference for targeting more victims with smaller amounts rather than focusing on big fish. This transformation represents […]
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U.S. authorities have warned about the rising popularity of a crypto scam known as “pig butchering.” The Federal Bureau of Investigation (FBI) explained: “The fraud is named for the way scammers feed their victims with promises of romance and riches before cutting them off and taking all their money.”
‘Pig Butchering’ Crypto Scam on the Rise
U.S. authorities have been warning about a type of cryptocurrency scam called “pig butchering” that has been growing in popularity at an alarming rate.
Lakewood Police....
The Delaware Department of Justice’s Investor Protection Unit has issued a cease and desist order against 23 entities and individuals involved in a popular cryptocurrency scam known as “pig butchering.” The order also freezes the accounts allegedly holding cryptocurrencies belonging to the victims.
Delaware Cracks Down on Pig Butchering Crypto Scam
The attorney general of the U.S. state of Delaware, Kathy Jennings, announced Wednesday that the Investor Protection Unit of the state’s Department of Justice (DOJ) has “issued a summary order....
President Javier Milei’s probe into the LIBRA coin has left Argentina embroiled in a crypto crisis. It all began when Milei used social media to promote LIBRA, which caused its price to skyrocket. However, the token fell within hours, shocking investors and causing them to wonder what went wrong. Related Reading: As Crypto Fraud Expands, […]
United States authorities have charged two foreign nationals for laundering $73 million in cryptocurrency investment scams, commonly known as “pig butchering.” This development was announced by the US Department of Justice (DOJ) on Friday, with an indictment unsealed in the Central District of California against the two suspects. Related Reading: Investor Falls Victim To $71 […]
Though a virtual asset, crypto has seen different forms of scams and fraud over the years. The crypto industry has been exposed to several tactics through which millions of funds are lost. Even as the space tries to create more hedges to fortify crypto security, fraudsters invent more despicable measures for their acts. A new […]