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Browse: Home / 2022 / July / 01 / ‘Pig Butchering’ Crypto Scam Victim To Get Money Back From Binance, Law Enforcement Says

‘Pig Butchering’ Crypto Scam Victim To Get Money Back From Binance, Law Enforcement Says

By Securities Docket on July 1, 2022, 12:52 pm

Rick Jenkins, a detective with the Gilroy Police Department, a city south of San Jose, wrote in a May 13 search warrant affidavit obtained by Forbes that “an unknown suspect” met a victim on a dating website, and eventually “tricked the victim” into investing over $243,000 worth of USDT into a fake cryptocurrency exchange.

The seizure marks the first time that romance scam-related cryptocurrency losses have been recovered in this Silicon Valley county, according to Erin West, a veteran prosecutor with the Santa Clara County District Attorney’s Office. Authorities are now beginning the process of returning the seized funds to victims.

***

According to the Federal Trade Commission, losses from romance scams, many carried out using online dating sites, have “skyrocketed” recently, and in 2021, reached an all-time high, of $547 million. A subset of these romance scams involve cryptocurrency, and are sometimes known as “pig butchering” scams, in which victims are enticed to put in more and more money – fattening them up – before disappearing with vast sums of cryptocurrency.

Source: ‘Pig Butchering’ Crypto Scam Victim To Get Money Back From Binance, Law Enforcement Says

Posted in Industry, Top | Tagged Binance

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