The U.S. Department of Justice has seized nearly $9 million in Tether cryptocurrency in a significant move against cybercrime. The funds were linked to an organization involved in romance and cryptocurrency scams, dubbed “pig butchering.”
Perpetrators created fake investment platforms, deceiving victims into investing in non-existent cryptocurrencies. Using “chain hopping,” the fraudsters swiftly moved the funds through multiple addresses to conceal their origin.
The case highlights the determination of the Justice Department and the U.S. Secret Service in combating cyber financial fraud. Authorities encourage victims to report such incidents to the FBI’s IC3 and the FTC’s Consumer Sentinel Network, emphasizing the risks of digital currencies and the need for caution in online transactions.
U.S. Attorney Ismail J. Ramsey for the Northern District of California emphasized Silicon Valley’s role as a cryptocurrency hub and the unwavering commitment to leveraging every available tool to ensure justice for victims of fraud.
Law enforcement’s actions demonstrate their preparedness to utilize all available means to hold fraudsters accountable and restore justice for victims.
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