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The FBI’s latest operation resulted in the recovery of $6 million stolen from U.S. citizens by a Southeast Asian fraud ring. The scammers inflicted serious damage by creating the illusion that they were investing in legitimate projects.
FBI Official Issues Warning
Chad Yarbrough, Assistant Director of the FBI’s Criminal Investigation Division, stated that crypto fraud has a devastating impact on Americans. He emphasized that these scams target U.S. citizens, resulting in millions of dollars lost.
“These types of fraud schemes are destructive and affect thousands of Americans daily. The FBI has observed that victims have lost millions of dollars, often refinancing their homes, all in hopes of finding the next big investment opportunity.”
“Pig Butchering” Fraud Scheme
According to the FBI, victims were directed to fake offshore platforms after withdrawing money from their banks and transferring it to crypto wallets. To establish trust, scammers initially offered limited withdrawal options.
This type of fraud, known as “Pig Butchering,” emerged in China in 2016 and spread across Southeast Asia, particularly during the COVID-19 pandemic. Reports from October 2023 indicate that 12% of Americans have reported experiencing such scams. Notably, not all of this 12% were deceived by cryptocurrency narratives.
Scammers typically approach their victims through social or dating apps. By building trust over time, they convince victims to invest more, leading to the same unfortunate outcome for all.
The rise in crypto fraud in recent years necessitates that users remain vigilant. Always be cautious of individuals who reach out to you on social media and dating applications.
