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Pig-butchering crackdown by DOJ

Updated on 2022-11-22

The DOJ announced the seizure of seven domains related to ‘pig butchering’ schemes that ended up costing five victims over $10 million from May to August. Read more: DOJ shuts down ‘pig butchering’ domains responsible for $10 million in victim losses

Updated on 2022-11-21: Pig-butchering crackdown

The US Department of Justice said it seized seven websites that were being used to trick victims as part of an online scam scheme known as “pig butchering.” Pig butchering schemes are a combination of romance, investment, and cryptocurrency scams, where victims are approached via dating sites and then social-engineered into making various investment or cryptocurrency transactions. Pig butchering scams originated in Southeast Asia—where they have deep ties to criminal cartels—and are spreading globally. The DOJ said the seized domains impersonated the Singapore International Monetary Exchange and were used to steal more than $10 million from at least five victims. Read more:

Updated on 2022-10-05

The FBI warned against a surge in Pig Butchering crypto scams, in which the fraudsters impersonate real friends of the target to steal cryptocurrency from them. Read more: FBI warns of “Pig Butchering” cryptocurrency investment schemes

Overview

People in Silicon Valley are falling victim to a wave of “pig slaughtering” crypto scams via dating applications, as the FBI has noted ‘a rising trend’ in crypto dating scams. An investigator found that one in 20 people who approached her on dating apps in San Francisco was involved in running a scam. The fraudsters behind these scams, which started in China and are known as ‘pig butchering scams’, spend weeks or months of work to build a fake relationship with the victim. Rather than asking the victim to send funds, the scammers spend hours a day chatting using realistic-looking profiles before persuading their victims to invest in crypto ‘via either a duplicated version of a legitimate website or by transferring funds to a dodgy wallet address’. The FBI has noted that its Internet Crime Complaint Center received more than 4,300 complaints in 2021, resulting in more than $429 million in losses from this type of scam in the US. Read More: ‘Pig slaughtering’ crypto scams reap millions on Silicon Valley dating apps

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