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US seizes domains used in ‘pig butchering’ crypto scam

US Seizes Domains Used in 'Pig Butchering' Crypto Scam

US authorities have confiscated seven domains used in crypto-currency pig-butchering schemes. “Once the money is sent to the fake investment app, the scammer disappears, taking all the money with him, often resulting in significant losses for the victim,” the Justice Department warned.

7 domains used in pig butchering crypto scam seized

The U.S. Department of Justice (DOJ) announced on Tuesday the “seizure of seven domain names used in the recent cryptocurrency privacy crime known as ‘hog slaughter’.”

The Justice Department explained that “in pig butchering schemes, scammers encounter victims on dating apps, social media websites, or even random text masquerading as the wrong number,” elaborating:

The scammers establish a relationship with the victims and gradually gain their trust, eventually introducing the idea of ​​investing in a business using cryptocurrency.

“Victims are then directed to other members of a fraudulent syndicate using fraudulent cryptocurrency investment platforms where the victims are persuaded to invest money,” the Justice Department described, adding:

Once the money is sent to the fake investment app, the scammer disappears, taking all the money with him, often resulting in significant losses for the victim. And that is exactly what happened in this case.

According to court records, from at least May to August, the scammers attracted five victims in the United States “using seven seized domains, which were all fake domains of the Singapore International Monetary Exchange.”

The scammers convinced the victims that they were investing in a legitimate cryptocurrency opportunity. The Justice Department noted that after the victims transferred funds to deposit addresses provided by the scammers through the seven seized domain names:

The victims’ funds were immediately transferred through numerous private wallets and exchange services to hide the source of the funds. In total, the victims lost more than $10 million.

Several U.S. authorities have warned that the pig butchering cryptocurrency scam has become “alarmingly popular.” In September, the Investor Protection Division of the Delaware Department of Justice issued a cease and desist order for 23 entities and individuals involved in this type of fraud.

What do you think about the seizure by the US authorities of domains used in pig butchering crypto schemes? Let us know in the comments below.

Kevin Helms

Austrian economics student Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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