FBI Uncovers Fraudulent Crypto Scheme Worth $2.5 Million

The FBI and the Royal Thai Police have uncovered a "pig butchering" scheme in which US victims were defrauded of over $2.5 million dollars in Tether (USDT).

A recent court case revealed that two Binance accounts received 2,546,415 USDT after multiple steps to launder the funds.

Pig butchering is a modern variation of an old scam in which criminals build romantic or business relationships to convince victims to deposit cryptoassets into offshore accounts, ultimately stealing the funds.

According to the information criminals have used complex transactions on and off the chain to disguise the origin of the funds.

The FBI and Royal Thai Police then traced the funds back to the victims, resulting in a court order to freeze and seize the amounts.

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Neither Tether nor Binance were implicated in any wrongdoing.

Victims often believe they are helping with travel or medical expenses, and are shown fake account statements to continue pouring money in.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.