On November 21, 2023, the U.S. Justice Department announced a significant disruption in cybercrime activities, seizing nearly $9 million in Tether (USDT) from an international scam organization. This organization was involved in executing romance scams and cryptocurrency confidence scams, infamously known as “pig butchering.”
The scam network targeted over 70 victims across the United States, luring them with fake investment opportunities through non-existent trading platforms. Acting Assistant Attorney General Nicole M. Argentieri stated that this operation aimed at deceiving ordinary investors, leaving them with substantial financial losses. The U.S. Secret Service’s thorough analysis and tracing of cryptocurrency transactions were instrumental in identifying and seizing the fraudulent funds. These funds were quickly laundered through multiple cryptocurrency addresses and exchanged across various digital currencies, a tactic…
