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Is pig butchering a cryptocurrency investment scam?

“We’re talking about a cryptocurrency investment scam that is sweeping the country.” The term pig butchering refers to an unsuspecting victim — the “pig” — being tricked by scammers into forking over money for a promised high rate of return.

How much money was stolen from pig butchering scams in 2023?

According to FBI data, out of nearly $5 billion dollars lost to cryptocurrency fraud in 2023, $3.96 billion was stolen in pig butchering scams. While Rosen’s office and the Secret Service have had some success in retrieving millions of dollars in stolen funds, no American law enforcement agency has been able to arrest a single suspected scammer.

How much money did a pig-butchering scam get from a crypto wallet?

Of that, at least $9.1 million came from a crypto wallet that U.S. blockchain analysis firm TRM Labs said was linked to pig-butchering scams. Two other major crypto-tracking firms also said the account received funds linked to such scams. The victim of one of the scams was a 71-year-old California man.

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