Justice Department Seeks Forfeiture of Record $225 Million Linked to Crypto “Pig Butchering” Schemes

The Department of Justice has filed a civil forfeiture complaint aiming to recover a staggering $225 million, allegedly connected to intricate cryptocurrency fraud schemes known as “pig butchering.” This legal action seeks to reclaim assets stolen from victims who have fallen prey to these deceptive schemes involving fabricated online romantic relationships. The “pig butchering” process entails fraudsters cultivating trust with victims online over extended periods, then progressively persuading them to invest substantial sums of money into sham cryptocurrency trading platforms. Ultimately, the fraudsters abscond with the funds after draining the victims’ savings. This action underscores the escalating dangers of cryptocurrency fraud and the Justice Department’s efforts to combat these crimes and recover stolen funds for the victims. This case marks the largest of its kind to date, revealing the magnitude of financial losses stemming from these fraudulent operations and demonstrating the authorities’ commitment to safeguarding investors in the cryptocurrency space.