US seeking to forfeit $2.5m for pig-butchering scam victims: ‘we will find them’

U.S. attorneys are attempting to seize $2.5 million in cryptocurrency from an international “pig butchering” scam targeting American victims.

The U.S. Attorney’s Office for the District of Columbia has initiated a civil forfeiture action to recover 2,546,415.01 USDT seized by the FBI from foreign perpetrators of a cryptocurrency scam known as “pig butchering.” 

The scammer is said to be based in Thailand and has two accounts holding all the USDT in question. The FBI and Thai Royal Police support the forfeiture. 

Pig-butchering scams

Romance scams, often dubbed as pig butchering scams, involve fraudsters befriending victims under the pretense of a potential love interest. 

The scammers gain the trust of their victims and convince them to make large investments in seemingly lucrative schemes. Once the victim is persuaded, they are lured into investing in what appears to be a promising cryptocurrency opportunity.

However, the scammer has no intention of providing any returns and vanishes with the money after the victim transfers the funds. These schemes often involve continuous pressure on the victim to invest more money before the fraudsters disappear.

Attorney thoughts

U.S. Attorney Matthew M. Graves emphasized the office’s commitment to holding criminal organizations accountable, stating, “We will find them, seize their illegal proceeds, and get money back to the victims.” 

FBI Special Agent in Charge Stacey Moy condemned the increasing use of these elaborate scams, highlighting the FBI’s ongoing efforts to dismantle such criminal networks.

“The rate at which bad actors are using elaborate pig-butchering scams to defraud innocent people is despicable,” said FBI Special Agent in Charge Moy,” Moy said.

The forfeiture action, prosecuted by Assistant U.S. Attorney Rick Blaylock, Jr., aims to punish and deter criminal activity by depriving criminals of illegally obtained property. It also seeks to recover assets to compensate victims when authorized by federal law.