PigButchering
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Chinese Nationals Nabbed in $73 Million #PigButchering Crypto Fraud
The US Department of Justice (DOJ) has arrested two Chinese nationals, Daren Li and Yicheng Zhang, for orchestrating a massive crypto scam known as “pig butchering.” This scheme led to the laundering of at least $73 million.
The arrests highlight that pig butchering scams remain a significant concern in the crypto industry.
The Duo Ran an International Scam Syndicate
According to the DOJ, officials arrested Li on April 12 at Hartsfield-Jackson Atlanta International Airport and transported him to the Central District of California. Meanwhile, Zhang was arrested in Los Angeles.
“We announce the arrests of two foreign nationals charged for leading a scheme to launder funds tied to an international crypto investment scam. Crypto investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” Deputy Attorney General Lisa Monaco said.
The DOJ discovered extensive coordination from their communications to facilitate international money laundering, including chats discussing the network’s commission structure, various shell companies used, victim information, and at least one video of a conspirator calling a US financial institution.
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The US Department of Justice (DOJ) has arrested two Chinese nationals, Daren Li and Yicheng Zhang, for orchestrating a massive crypto scam known as “pig butchering.” This scheme led to the laundering of at least $73 million.
The arrests highlight that pig butchering scams remain a significant concern in the crypto industry.
The Duo Ran an International Scam Syndicate
According to the DOJ, officials arrested Li on April 12 at Hartsfield-Jackson Atlanta International Airport and transported him to the Central District of California. Meanwhile, Zhang was arrested in Los Angeles.
“We announce the arrests of two foreign nationals charged for leading a scheme to launder funds tied to an international crypto investment scam. Crypto investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” Deputy Attorney General Lisa Monaco said.
The DOJ discovered extensive coordination from their communications to facilitate international money laundering, including chats discussing the network’s commission structure, various shell companies used, victim information, and at least one video of a conspirator calling a US financial institution.
#Write2Earn
Friendly Reminer : A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice.
i believe you can do it 😎 like and follow to support me👍
Whar is Pig Butchering ❓
"Pig butchering" refers to a type of scam where fraudsters gradually build trust with their victims, often over several months, to convince them to invest in fake or manipulated financial schemes, usually involving cryptocurrencies. The term comes from the idea of "fattening up" the victim (like a pig) before "butchering" them, which is when the scammer steals their money. This scam often involves fake investment platforms, social engineering tactics, and emotional manipulation.
#PigButchering #BinanceTurns7 #BinanceHODLerBANANA $BTC $ETH $BNB
"Pig butchering" refers to a type of scam where fraudsters gradually build trust with their victims, often over several months, to convince them to invest in fake or manipulated financial schemes, usually involving cryptocurrencies. The term comes from the idea of "fattening up" the victim (like a pig) before "butchering" them, which is when the scammer steals their money. This scam often involves fake investment platforms, social engineering tactics, and emotional manipulation.
#PigButchering #BinanceTurns7 #BinanceHODLerBANANA $BTC $ETH $BNB
🚨 SEC Takes Action Against Pig Butchering Crypto Scams: What You Need to Know! 🚨
The SEC has filed charges against three individuals and five companies involved in the notorious "pig butchering" crypto scam. This fraud lures unsuspecting investors by building relationships through social media, dating sites, or phone calls, only to trick them into investing large sums in fake schemes. Once the scammers have "fed" the victims enough, they disappear with their money. Here’s what you need to know about this case and how to protect yourself.
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What is Pig Butchering?
Pig butchering is a scam where fraudsters develop a relationship with victims, convincing them to invest large amounts in fake cryptocurrency opportunities. Once they’ve collected enough funds, the scammers vanish, leaving the victims with nothing.
The SEC's Recent Action
The SEC has charged:
Jiajie Liu (28, Los Angeles, CA)
Fei Liao (29, San Gabriel, CA)
Hua Zhao (26, Flushing, NY)
These individuals, along with five companies, are accused of defrauding at least 18 investors of nearly $1 million. The companies were created to look legitimate, featuring fake trading platforms to deceive investors with false returns.
How the Scam Operates
Scammers use high-pressure tactics and fake platforms to gain trust. They might use romance scams or pose as business professionals to lure victims. The SEC’s action underscores the need for vigilance in the crypto space.
SEC's Expanded Efforts
The SEC’s action is part of a broader push to combat crypto fraud. As the digital currency space grows, so do the scams, making it essential for investors to stay informed and cautious.
Protect Yourself from Pig Butchering
Here are some tips to avoid falling victim:
Be cautious of unsolicited investment offers, especially if they seem too good to be true.
Avoid pressure tactics that push you to invest quickly to avoid mi
#CryptoSafety
#PigButchering
#SECAction
#BinanceNews #StayInformed
$BTC
$ETH
$SOL
The SEC has filed charges against three individuals and five companies involved in the notorious "pig butchering" crypto scam. This fraud lures unsuspecting investors by building relationships through social media, dating sites, or phone calls, only to trick them into investing large sums in fake schemes. Once the scammers have "fed" the victims enough, they disappear with their money. Here’s what you need to know about this case and how to protect yourself.
---
What is Pig Butchering?
Pig butchering is a scam where fraudsters develop a relationship with victims, convincing them to invest large amounts in fake cryptocurrency opportunities. Once they’ve collected enough funds, the scammers vanish, leaving the victims with nothing.
The SEC's Recent Action
The SEC has charged:
Jiajie Liu (28, Los Angeles, CA)
Fei Liao (29, San Gabriel, CA)
Hua Zhao (26, Flushing, NY)
These individuals, along with five companies, are accused of defrauding at least 18 investors of nearly $1 million. The companies were created to look legitimate, featuring fake trading platforms to deceive investors with false returns.
How the Scam Operates
Scammers use high-pressure tactics and fake platforms to gain trust. They might use romance scams or pose as business professionals to lure victims. The SEC’s action underscores the need for vigilance in the crypto space.
SEC's Expanded Efforts
The SEC’s action is part of a broader push to combat crypto fraud. As the digital currency space grows, so do the scams, making it essential for investors to stay informed and cautious.
Protect Yourself from Pig Butchering
Here are some tips to avoid falling victim:
Be cautious of unsolicited investment offers, especially if they seem too good to be true.
Avoid pressure tactics that push you to invest quickly to avoid mi
#CryptoSafety
#PigButchering
#SECAction
#BinanceNews #StayInformed
$BTC
$ETH
$SOL
