FBI Seizes $2.5M in Crypto From Thailand-Based Pig Butchering Scam Targeting Americans

US Takes Action to Reclaim Cryptocurrency from International Fraudsters

The U.S. Attorney's Office for the District of Columbia announced on Tuesday that it has initiated a civil forfeiture action to reclaim cryptocurrency seized by the Federal Bureau of Investigation (FBI) from international fraudsters. The cryptocurrency in question was obtained through "pig butchering" schemes targeting American citizens. Civil forfeiture allows the United States to seize assets from fugitives and perpetrators abroad. The crypto coins were held in accounts at Binance. The announcement details:

Specifically, the government seeks to forfeit 2,546,415.01 USDT coin (USDT) seized from two accounts controlled by a perpetrator in Thailand. This cryptocurrency has a current estimated value of approximately $2,546,415.01.

"In a pig-butchering scheme, scammers obtain funds from victims using fraudulent and manipulative tactics. The scammer establishes a level of trust with a victim in online communications and then entices the victim into investing in a fraudulent cryptocurrency scheme. Often the victim is enticed to make additional payments before realizing they are a victim of fraud. The 'butchering' or 'slaughtering' of the victim occurs once the victim's assets, or funds, are stolen by the criminal, or criminals, ultimately causing the victim financial and emotional harm," the announcement adds.

Special Agent in Charge Stacey Moy of the FBI's San Diego Field Office stated:

The rate at which bad actors are using elaborate pig-butchering scams to defraud innocent people is despicable.

"The FBI and our law enforcement partners continue to evolve investigative techniques to thwart the progression of this threat and use all available resources to ensure we disrupt and dismantle organizations responsible for contributing to these crimes," he added.