FBI Uncovers Fraudulent Crypto Scheme Worth $2.5 Million
18.07.2024 17:00 1 min. read Kosta Gushterov
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.
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.
-
1
Mango Markets Hacker Sentenced for Separate Criminal Charges
03.05.2025 11:00 1 min. read -
2
North Korean Agent Exposed in Crypto Job Scam at Kraken
04.05.2025 20:00 2 min. read -
3
ZachXBT Helps Freeze $7M After $330M Bitcoin Theft From Elderly Holder
05.05.2025 16:00 1 min. read -
4
$330M Bitcoin Heist Traced to Social Engineering Scam Targeting U.S. Senior
04.05.2025 12:00 2 min. read -
5
Samourai Wallet Case Faces Scrutiny After Allegations of Withheld Evidence
07.05.2025 13:00 2 min. read
Man Sentenced to 30 Years for Using Crypto to Fund ISIS Operations
A U.S. court has handed down a 30-year prison sentence to Mohammed Azharuddin Chhipa, who was found guilty of financing terrorism through cryptocurrency.
Celsius CEO Sentenced to 12 Years Over $5 Billion Crypto Scandal
A major chapter in crypto’s legal reckoning closed this week as Alex Mashinsky, once a prominent name in digital lending, received a 12-year prison sentence.
Alex Mashinsky Seeks One-Year Sentence as DOJ Pushes for 20 Years
Former Celsius CEO Alex Mashinsky is asking for a significantly reduced prison sentence ahead of his May 8 sentencing, with his legal team pushing back hard against the U.S. Department of Justice’s call for a 20-year term.
Samourai Wallet Case Faces Scrutiny After Allegations of Withheld Evidence
The legal battle against the creators of Samourai Wallet has taken a sharp turn, as defense attorneys accuse federal prosecutors of suppressing a key legal interpretation from the Treasury Department that could dismantle the core of the government’s case.
-
1
Mango Markets Hacker Sentenced for Separate Criminal Charges
03.05.2025 11:00 1 min. read -
2
North Korean Agent Exposed in Crypto Job Scam at Kraken
04.05.2025 20:00 2 min. read -
3
ZachXBT Helps Freeze $7M After $330M Bitcoin Theft From Elderly Holder
05.05.2025 16:00 1 min. read -
4
$330M Bitcoin Heist Traced to Social Engineering Scam Targeting U.S. Senior
04.05.2025 12:00 2 min. read -
5
Samourai Wallet Case Faces Scrutiny After Allegations of Withheld Evidence
07.05.2025 13:00 2 min. read