- FBI seized $2.5 million in crypto from Thailand-based scammers.
- The U.S. Attorney initiated a civil forfeiture to reclaim the crypto seized by the FBI.
As a seasoned financial analyst with extensive experience in cryptocurrency and cybercrime investigations, I’ve witnessed firsthand how the crypto landscape has become a breeding ground for nefarious activities. The recent news of the FBI seizing $2.5 million in crypto from Thailand-based scammers operating under the “pig butchering” scheme is yet another grim reminder of this disturbing trend.
Criminal activities involving cryptocurrencies have seen a significant increase around the world. These illicit acts often victimize unsuspecting individuals, including crypto traders and holders, as well as those exchanging fiat currency for cryptocurrencies.
Law enforcement has remained vigilant with the rise of such crimes targeting the crypto community.
FBI seizes crypto proceeds
As a financial analyst following the latest developments, I’m excited to share that the FBI recently confiscated approximately $2.5 million worth of cryptocurrency tied to a pig butchering scheme based in Thailand.
According to information obtained from U.S. government sources, the FBI trailed a fraudster based in Thailand who managed two cryptocurrency accounts containing Tether (USDT).
After the FBI investigation, the agency managed to seize USDT with the help of Thailand police.
After the FBI confiscated the cryptocurrencies, the US Attorney for the District of Columbia disclosed the procedure for returning the seized digital assets.
The crypto scam, known as “pig butchering” was targeting American citizens. According to U.S. law, civil forfeiture allows the government to seize any assets from criminals abroad.
According to the reports, the seized crypto was held on two Binance [BNB] accounts.
Matthew M. Graves, the U.S. Attorney for the Southern District of California, and Stacey Moy, the Special Agent in Charge of the FBI’s San Diego Field Office, made an announcement.
Our office is committed to identifying and bringing to justice criminal groups, regardless of their location, who employ deceptive investment strategies such as “pig butchering” to swindle American victims.
He further added,
“Through this forfeiture process, we’re making it clear that criminals cannot conceal their illicit activities behind the veil of cryptocurrency and intricate dealings. We will track down their ill-gotten gains, confiscate them, and restore the stolen funds to their rightful owners.”
USDT and criminal activities
Based on my extensive experience in the crypto market and keeping a close eye on regulatory developments, I can confidently say that USDT, the stablecoin issued by Tether, has gained notoriety this year. According to reports from U.S authorities and the United Nations, USDT is the most frequently used token in criminal activities. This comes as no surprise to me, considering my long-standing involvement in the industry and witnessing the various schemes that have emerged.
As a crypto investor, I’ve noticed that criminals often favor Tether’s USDT for its stability and decentralized nature, which sets it apart from the traditional financial system.
Indeed, criminal activity in Southeast Asia heavily relies on the usage of USDT, resulting in Tether freezing approximately $2225M last year due to suspicions of “pig butchering” schemes.
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2024-07-20 01:11