US DOJ Seizes 127,271 BTC Linked to Pig-Butchering Scam
The United States aims to seize more than $14 billion in Bitcoin connected to a crypto scam, as part of ongoing efforts to combat large-scale crypto fraud.
BTC
Summary
The United States is pursuing the forfeiture of over $14 billion in Bitcoin, linked to a 'pig butchering' crypto scam. The Department of Justice has seized 127,271 BTC, but has not disclosed the source of the fraudulent funds. This move highlights continued federal efforts against crypto-related scams.
Terms & Concepts
- Pig-Butchering Scam: A type of financial fraud in which perpetrators build trust with victims over time before convincing them to invest large sums in fraudulent schemes, often involving cryptocurrency.
- BTC: The ticker symbol for Bitcoin, the first and most widely used decentralized cryptocurrency.