FBI Seizes $2.5 Million in Crypto from Local Scam

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From Pattaya News

THE FBI has seized $2.5 million in cryptocurrency linked to a pig-butchering scam based in Thailand, The

 Pattaya News can reveal.
This development marks a substantial effort by U.S. authorities to combat the rising tide of crypto-related crimes.
The U.S. Attorney’s Office has initiated a civil forfeiture process to reclaim the seized cryptocurrency.

According to recent reports, the FBI tracked down a scammer operating from Thailand who had control over two cryptocurrency accounts holding Tether (USDT). The investigation led to the seizure of these assets with assistance from Thai police authorities.

Following the successful operation, a U.S. Attorney from the District of Columbia announced the steps being taken to reclaim the seized assets. The scam, known as “pig butchering,” was specifically targeting American citizens. Under U.S. law, civil forfeiture allows the government to seize assets obtained through criminal activities, even if the perpetrators are based overseas.

‘Pig butchering’ is a term borrowed from the traditional method of fattening pigs before slaughter. In the context of cryptocurrency, it describes a scam where perpetrators spend weeks or even months building a relationship with their victims to gain their trust and encourage them to make significant investments.
The scam typically begins with the initial contact, where scammers reach out to potential victims via social media platforms, dating apps, or messaging services. They present themselves as friendly and trustworthy individuals, often posing as successful investors or professionals. Over time, the scammer nurtures a seemingly genuine relationship with the victim, sharing personal stories, engaging in frequent communication, and establishing a sense of intimacy and trust.

With trust firmly established, the scammer introduces the idea of investing in cryptocurrency. They may claim to have made substantial profits themselves and offer to help the victim achieve similar returns. The victim is often encouraged to start with a small investment, which the scammer ensures yields impressive returns. This fabricated success is designed to make the investment appear legitimate and lucrative.

Buoyed by the initial success, the victim is persuaded to invest larger sums of money, with promises of even greater returns. Scammers may provide fake websites or apps showing inflated account balances to bolster their credibility. However, when the victim attempts to withdraw their funds or profits, they encounter various obstacles. The scammer may demand additional fees or taxes, which are merely tactics to extract more money.