The authorities seized the crypto assets from six accounts based in Los Angeles, the District of Arizona, and the District of Idaho.
the digital assets from six accounts based in Los Angeles, the District of Idaho, and the District of Arizona. Prosecutors claimed that criminals used the addresses to launder proceeds of various crypto fraud, including “pig butchering” scams.“The victims in pig butchering schemes are referred to as ‘pigs’ by the scammers because the scammers will use elaborate storylines to ‘fatten up’ victims into believing they are in a romantic or otherwise close personal relationship.
LA victims seem to be the most affected since the authorities seized approximately $66.4 million from an account based in the region. The FBI identified at least ten locals who were unable to withdraw their investment, with the aforementioned address containing some of their assets. US Attorney Martin Estrada said “high-tech fraudsters” have taken advantage of the hype surrounding the crypto sector to encourage inexperienced Americans to distribute their money into “get-rich-quick” schemes. He praised the efforts of the law enforcement agencies that took “strong measures” to alert the public and confiscated the tokens.
“In addition to our tireless efforts to disrupt these schemes, we must also work to raise public awareness and help inform potential victims: be wary of people you meet online; seriously question investment advice, especially about cryptocurrency, from people you have not met in person; and remember, investments that seem too good to be true, usually are,” he concluded.
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