A Major Victory Against Crypto Scams
Authorities in the Asia-pacific area froze nearly $47 million linked to pig butchering scams. This prosperous operation involved major crypto players like Chainalysis, Tether, Binance, and OKX.
Pig butchering scams trick people into investing in fake opportunities. Criminals build long-term trust with victims using dating apps or texts. They then suggest fake investments, often in crypto. Victims lose billions globally each year.
- Investigators used chainalysis tools to trace funds across various addresses.
- transfers were followed from November 2022 to July 2023.
- The $46.9 million was eventually spread across five wallets.
Chainalysis shared findings with exchanges and authorities.Tether froze funds in June 2024, with help from Binance and OKX confirming wallet links. In certain specific cases, scammers sent small amounts back to maintain victim trust.
This action follows a previous U.S. case in 2023 when Tether and OKX helped seize $225 million linked to other serious crimes. Educating users and enhancing security practices are vital to protect against these evolving threats and ensure a safer crypto environment.
