US Seizes Domains Used in ‘Pig Butchering’ Crypto Scam – Featured Bitcoin News

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US authorities have seized seven domains used in “pig slaughter” cryptocurrency schemes. “Once the money is sent to the fake investment app, the scammer disappears, taking all the money with them, often resulting in significant losses for the victim,” the Justice Department warned.

7 Domains Used In Pig Butchering Crypto Scam Seized

The US Department of Justice (DOJ) announced on Tuesday “the seizure of seven domain names used in a recent cryptocurrency crime of trust, known as ‘pig butchering’.”

The DOJ explained that “in pig butcher programs, scammers encounter victims on dating apps, social media websites, or even random texts posing as the wrong number,” stating:

The scammers build relationships with the victims and slowly gain their trust, eventually introducing the idea of ​​making a business investment using cryptocurrency.

“Victims are then directed to other members of the scam syndicate running fraudulent cryptocurrency investment platforms, where victims are tricked into investing money,” the DOJ described, adding :

Once the money is sent to the fake investing app, the scammer disappears, taking all the money with them, often resulting in significant losses for the victim. And that is exactly what happened in this case.

According to court records, from May through at least August, scammers claimed five lives in the United States “using the seven domains seized, all of which were domains impersonated from the Singapore International Monetary Exchange.”

Scammers convinced victims that they were investing in a legit crypto opportunity. The DOJ noted that after the victims transferred funds to the deposit addresses provided by the scammers via the seven seized domain names:

The victims’ funds were immediately transferred through numerous private wallets and exchange services in an attempt to conceal the source of the funds. In total, the victims lost more than $10 million.

Several US authorities have warned that the crypto pork butcher scam has become “incredibly popular.” In September, the Delaware Department of Justice’s Investor Protection Unit issued a cease and desist order against 23 entities and individuals involved in this type of scam.

What do you think of US authorities seizing domains used in crypto pig butchering schemes? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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