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The FBI’s latest operation culminated in the seizure of $6 million stolen from American citizens by a Southeast Asia-based fraud ring. The scammers inflicted significant damages by presenting themselves as legitimate investment opportunities in real projects.
Warning from an FBI Official
Chad Yarbrough, Assistant Director of the FBI’s Criminal Investigative Division, highlighted the devastating effects of cryptocurrency fraud on Americans. He stated that such fraud schemes specifically target U.S. citizens, resulting in millions of dollars lost.
“These types of fraudulent schemes are destructive and impact thousands of Americans daily. The FBI has observed that victims are losing millions of dollars, refinancing their homes with second and third mortgages, all while hoping to find the next big investment opportunity.”
“Pig Butchering” Fraud Scheme
According to the FBI, victims were directed to fake offshore platforms after withdrawing funds from their banks and transferring them to cryptocurrency wallets. To establish trust, scammers initially offered limited withdrawal options.
Known as “Pig Butchering,” these fraud schemes emerged in China in 2016 and proliferated in Southeast Asia, particularly during the COVID-19 pandemic. Reports from October 2023 indicated that 12% of Americans had fallen victim to such scams. However, not all in this percentage were deceived by cryptocurrency stories.
Scammers typically approach victims through social or dating applications. By building trust over time, they convince victims to make increasingly larger investments, only to face the same unfortunate ending.
The rise of cryptocurrency fraud in recent years necessitates that users remain vigilant. Always exercise caution towards individuals approaching you on social media and dating apps.
