Federal authorities have seized nearly $9 million in cryptocurrency linked to a scam ring, according to the U.S. Justice Department (DOJ). The seized funds, in Tether (a cryptocurrency pegged to the U.S. dollar), were associated with a group that scammed over 70 individuals. The DOJ stated that this action disrupted the financial infrastructure of an organized network of scammers, emphasizing that these criminals prey on ordinary investors by creating deceptive websites. The scam, known as “pig butchering,” combines elements of romance scams and investment scams. In this case, scammers convinced victims to make cryptocurrency deposits by falsely representing investments with trusted firms and exchanges, when in reality, the funds were directed to nonexistent trading platforms. The DOJ highlighted the use of money laundering techniques like “chain hopping” to quickly move and exchange the stolen cryptocurrency through various addresses. This action comes amid a record year for crypto-related crime, totaling $20 billion, despite market downturns. The importance of ongoing education, particularly by credit unions, in combating such scams was emphasized.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}