USDOJ Seizes $61 Million in USDT Linked to Crypto 'Pig Butchering' Scams

The U.S. Department of Justice (DOJ) has made a significant move against crypto 'pig butchering' investment scams, seizing over $61 million in Tether (USDT). The funds were linked to money laundering operations and were frozen as part of a joint effort between the DOJ, Homeland Security Investigations (HSI), and Tether.

Pig butchering scams involve scammers building fake romantic relationships with victims online, then steering them towards fraudulent trading platforms. Once invested, the scammers extract funds from the victims through fake returns, 'taxes', or 'fees'. This cycle can continue indefinitely, leaving victims financially drained.

The seized USDT is one of the largest single confiscations tied to romance-based crypto fraud in U.S. history. The case marks a significant step forward for the DOJ and HSI in their efforts to combat these types of scams. The joint operation with Tether highlights the growing cooperation between law enforcement agencies and the private sector in combating illicit financial activities.