U.S. Authorities Seize $2.5M in Crypto from Thailand ‘Pig Butchering’ Scheme

The U.S. Attorney’s Office for the District of Columbia has announced a civil forfeiture action to reclaim cryptocurrency seized by the FBI from international fraudsters. These perpetrators engaged in “pig butchering” schemes, a fraudulent tactic targeting American citizens. The U.S. aims to return the stolen funds to victims and hold the criminals accountable. Special Agent in Charge Stacey Moy of the FBI’s San Diego Field Office condemned these scams, saying, “The rate at which bad actors are using elaborate pig-butchering scams to defraud innocent people is despicable.”

Details of the Seized Assets

The cryptocurrency, held in Binance accounts, was obtained through manipulative tactics. Specifically, the government seeks to forfeit 2,546,415.01 USDT (Tether), seized from two accounts controlled by a perpetrator in Thailand. This amount is valued at approximately $2.5 million. The announcement elaborates on the nature of the scheme: “In a pig-butchering scheme, scammers obtain funds from victims using fraudulent and manipulative tactics. The scammer establishes a level of trust with a victim in online communications and then entices the victim into investing in a fraudulent cryptocurrency scheme. Often the victim is enticed to make additional payments before realizing they are a victim of fraud. The ‘butchering’ or ‘slaughtering’ of the victim occurs once the victim’s assets, or funds, are stolen by the criminal, or criminals, ultimately causing the victim financial and emotional harm.”

The FBI remains vigilant in its efforts to combat these schemes. Special Agent Moy emphasized the evolving techniques used by law enforcement to address this growing threat. “The FBI and our law enforcement partners continue to evolve investigative techniques to thwart the progression of this threat and use all available resources to ensure we disrupt and dismantle organizations responsible for contributing to these crimes,” he stated.

This civil forfeiture action highlights the U.S. government’s dedication to protecting citizens from financial fraud. By reclaiming and returning stolen assets, the initiative aims to provide justice and relief to the victims of these sophisticated scams.