In Science and Space: The confiscation of seven domain names used in a recent bitcoin confidence crime known as “pig butchering,” according to the US Department of Justice (DOJ), was disclosed on Tuesday.
Scammers build relationships with their victims and gradually win their trust before offering the notion of investing in a company using cryptocurrencies.
According to the DOJ, “Scammers meet victims in pig slaughtering schemes through dating apps, social media websites, or even random texts posing as a wrong number,” elaborating:
The DOJ explained: “Victims are subsequently referred to other con artists operating fake cryptocurrency investment sites, where victims are convinced to deposit money.”
To hide the source of the funds, the money from the victims was quickly transferred through a variety of private wallets and swapping sites. The victims suffered a total loss of almost $10 million.
The crypto fraud involving the butchering of pigs has become “alarmingly popular,” according to many U.S. agencies. A cease-and-desist order was issued in September by the Delaware Department of Justice’s Investor Protection Unit against 23 organisations and people who were involved in this particular fraud.