DOJ Seizes Over $225 Million in Crypto from Pig Butchering Scams
The United States Department of Justice (DOJ) has filed an enforcement action to seize over $225 million in cryptocurrency tied to major pig butchering scams. On June 18, the U.S.Attorney’s Office filed a civil complaint in the District of Columbia, targeting roughly $225.3 million linked to large-scale crypto fraud.
Most of the seized funds were in Tether (USDT),a U.S. dollar-backed stablecoin. Tether collaborated with authorities to freeze these assets. Blockchain analytics tools were crucial in tracing complex transactions back to the criminals. the U.S.Secret Service and FBI confirmed that the USDT funds came from crypto scams.
These scams, known as pig butchering, involved defrauding over 400 global victims. The perpetrators used a “refined blockchain-based money laundering network” to hide illicit funds. Despite this, authorities successfully unearthed the scheme.
- DOJ seizes $225 million in crypto linked to fraud
- Tether assisted in freezing the funds
- Over 400 victims globally were targeted
U.S. Attorney Pirro stated his office is leading the fight against crypto-confidence scams.He aims to return the stolen funds to victims. Reports show crypto investment fraud caused losses exceeding $9 billion in 2024, with pig butchering schemes accounting for more than half.
In related news, the U.S.Department of the Treasury’s office of Foreign Assets Control sanctioned a Myanmar warlord and his militia for various crimes, including crypto fraud.
