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U.S. authorities have seized almost $5 million worth of Tether allegedly associated with âpig butcheringâ scams.
The Tether was stolen using cryptocurrency investment scams, and the investigation team worked with Tether for its help in transferring the assets, said the U.S. Attorney for the Eastern District of North Carolina in a statement.
âAs criminal actors continue to evolve in the world of cyber-enabled fraud, the FBI and its law enforcement partners must also evolve,â said FBI agent Robert DeWitt.
âThis cryptocurrency seizure serves as an example of the FBI adapting to the changing criminal landscape and fighting for victims of cyber-enabled fraud schemes,â warns DeWitt.
In June, the U.S. Federal Trade Commission (FTC) warned consumers of the rise in pig butchering scams or romance scams involving crypto investments.
Pig butchering is a term that originated in Southeast Asia and comes from the Chinese phrase ShÄz HĆ« PĂĄn. This catfishing-inspired scam usually involves a slow-burning long-term fraud.
