(TNND) — It is the largest ever United States seizure of cryptocurrency, to the tune of $225 million.
The Justice Department announced the seizure Wednesday linked to the so-called “Pig Butchering” scams that have wiped out billions from victims all over the world.
The cryptocurrency was traced to fraudulent investment platforms, where victims were tricked into believing they were investing in legitimate crypto ventures, only to be scammed by criminal networks often operating overseas.
“The forfeiture of these illicit funds is a powerful tool in the FBI’s toolbox to stop the fraudsters who are operating online from stealing from the American people,” said Assistant Director Jose A. Perez of the FBI Criminal Division. “The FBI will not standby while these criminals target unsuspecting victims who believe they are making legitimate investments. The hard work of the FBI and our partners continues as we work with victims and potential victims across the country to put an end to these scams and warn others about their devastating effects.”
The Secret Service and FBI used blockchain analysis and other tools to trace the cryptocurrency back to stolen assets. The funds were linked to the theft and laundering of money from victims of cryptocurrency investment fraud schemes, commonly known as confidence scams.
According to data released by the FBI, the network was connected to at least 400 suspected victims worldwide, responsible for more than $5.8 billion in reported losses last year.
