Alabama Recovers $125K in Crypto From Pig Butchering Scams

Alabama securities regulators have clawed back $125,155.49 in digital assets for two residents ensnared in pig butchering schemes. The sophisticated cons saw victims lose $580,000 collectively after being groomed through dating platforms and persuaded to invest in fraudulent crypto trading operations.

Pig butchering scams now represent one-third of all crypto fraud globally, accounting for $3.3 billion of the $9.9 billion in losses tracked this year. Criminals are refining their tactics - shortening scam durations to target more victims while exploiting cryptocurrency''s irreversible transactions and borderless nature.

The Baldwin County victim recovered $53,227.81 of her $185,000 loss, while the Etowah County resident regained $73,927.68 from a $395,000 theft. Both cases began with seemingly legitimate romantic connections that gradually pivoted to investment opportunities.