U.S. Secret Service Announces Its Largest-Ever Crypto Seizure in ‘Pig Butchering’ Case
The U.S. Department of Justice has initiated a civil forfeiture case to seize over $225 million in digital assets linked to a global cryptocurrency investment fraud network. This action marks the largest cryptocurrency seizure by the U.S. Secret Service. The complaint, filed on June 18, targets funds traced through blockchain transactions designed to conceal their origins.
Details of the Sophisticated Scheme
The seized funds were part of an advanced blockchain-based laundering operation. The criminal network used ‘pig butchering’ scams, deceiving victims into investing in fraudulent cryptocurrency platforms with false promises of high returns. Funds were then moved through complex cryptocurrency addresses to hide their illicit source, affecting over 400 victims worldwide.
Interagency Cooperation Led to Seizure
The successful seizure resulted from a joint effort by the U.S. Secret Service and FBI, with support from private partners like Tether. Tether’s cooperation in freezing $225.3 million in USDT helped secure the funds. The DOJ aims to protect the public from cryptocurrency fraud, emphasizing ongoing actions against scammers.
Public Urged to Report Crypto Scams
This case reflects a rise in digital asset fraud, with investment scams causing significant losses. The DOJ encourages potential victims to report incidents to the FBI’s Internet Crime Complaint Center. Victims related to this seizure should include the code ‘BT06182025’ in their complaint.
