👉👉👉 Attorney Says They Are “Receiving 5-6 Emails a Day” From Victims of Pig Butchering #scams
Pig butchering scams, a rising form of criminal activity in the United States, involve online romance, fake crypto investments, and human trafficking, causing substantial financial losses for victims. According to Erin West, Deputy District Attorney in Santa Clara, California, the issue is escalating, with an average of 5-6 daily emails from victims, including one recent case where an individual lost $5 million.
The stolen funds are often sent overseas to transnational criminal organizations in Myanmar and Cambodia, utilizing trafficked individuals as virtual slaves to perpetrate the pig butchering scams. TRM Labs reports that the FBI’s Internet Crime Complaint Center (IC3) has received over 4,300 complaints related to pig butchering, resulting in cumulative losses exceeding $400 million.
Erin West, part of the Regional Enforcement Allied Computer Team (REACT) Task Force, has developed a prosecutorial blueprint to address pig butchering cases. In collaboration with Binance, the world’s largest cryptocurrency exchange, West obtained crucial information that aided in the recovery of funds for 26 victims. Describing pig butchering as a calculated long-term con, West emphasizes the need for a comprehensive government solution to combat this form of scam.
Despite losses of approximately $2 billion to crypto thefts in 2023, there was a slight decline in hacking incidents targeting the #cryptocurrency industry. A report from De.FI highlights ongoing vulnerabilities in the decentralized finance (#DEFI ) ecosystem, noting progress in addressing these challenges. The report underscores the need for vigilance and comprehensive measures to enhance security in the crypto space.
Source - Ruholamin Haqshanas @ruholamin-haqshanas
Website - Cryptonews