{"id":14768,"date":"2022-11-24T05:19:11","date_gmt":"2022-11-24T05:19:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-seizes-domains-used-in-pig-butchering-crypto-scam-featured-bitcoin-news\/"},"modified":"2022-11-24T05:19:11","modified_gmt":"2022-11-24T05:19:11","slug":"us-seizes-domains-used-in-pig-butchering-crypto-scam-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-seizes-domains-used-in-pig-butchering-crypto-scam-featured-bitcoin-news\/","title":{"rendered":"US Seizes Domains Used in ‘Pig Butchering’ Crypto Scam \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

U.S. authorities have seized seven domains used in \u201cpig butchering\u201d cryptocurrency schemes. \u201cOnce the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim,\u201d the Department of Justice warned. <\/strong><\/p>\n

7 Domains Used in Pig Butchering Crypto Scam Seized<\/h2>\n

The U.S. Department of Justice (DOJ) announced Tuesday \u201cthe seizure of seven domain names used in a recent cryptocurrency confidence crime, known as \u2018pig butchering.’\u201d<\/p>\n

The DOJ explained that \u201cIn pig butchering schemes, scammers encounter victims on dating apps, social media websites, or even random texts masquerading as a wrong number,\u201d elaborating:<\/p>\n

\n

Scammers initiate relationships with victims and slowly gain their trust, eventually introducing the idea of making a business investment using cryptocurrency.<\/p>\n<\/blockquote>\n

\u201cVictims are then directed to other members of the scam syndicate running fraudulent cryptocurrency investment platforms, where victims are persuaded to invest money,\u201d the DOJ described, adding:<\/p>\n

\n

Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim. And that is exactly what happened in this instance.<\/p>\n<\/blockquote>\n

According to court records, from at least May through August, scammers induced five victims in the U.S. \u201cby using the seven seized domains, which were all spoofed domains of the Singapore International Monetary Exchange.\u201d<\/p>\n

Scammers convinced the victims that they were investing in a legitimate crypto opportunity. The DOJ noted that after the victims transferred funds into the deposit addresses provided by the scammers through the seven seized domain names:<\/p>\n

\n

The victims\u2019 funds were immediately transferred through numerous private wallets and swapping services in an effort to conceal the source of the funds. In total, the victims lost over $10 million.<\/p>\n<\/blockquote>\n

Several U.S. authorities have warned that the pig butchering crypto scam has become \u201calarmingly popular<\/a>.\u201d In September, the Delaware Department of Justice\u2019s Investor Protection Unit issued a cease and desist order<\/a> against 23 entities and individuals involved in this type of scam.<\/p>\n

What do you think about U.S. authorities seizing domains used in pig butchering crypto schemes? Let us know in the comments section below.<\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n