Pig Butchering News

Crime syndicates are minting stablecoins and building exchanges to launder billions of dollars, warns a UN report.

The Australian securities regulator’s application to close 95 “hydra” firms believed to be running crypto trading and romance scams has been approved by the Federal Court of Australia.

The latest Cointelegraph video explores one of the most dangerous crypto scams, “pig butchering,” by sharing some of the victims’ real stories. 

Multiple US federal agencies have come together to distribute an infographic on crypto pig butchering to help Americans recognize and avoid the scam.

The lifespan of scams is getting shorter as cybercriminals change tactics and target individuals on social media. 

The Australian Federal Police revealed that scammers are using deepfakes and pig butchering as their primary methods to defraud victims. 

The most recent seizure of $5 million USDT from pig-butchering scams marks a “significant victory” in the ongoing fight against cyber fraud, according to Tether.

Centralized exchanges led by Coinbase, along with Meta, Match, and Ripple Labs, have formed an educational group to prevent pig butchering scams.

Authorities started an inquiry into the scheme in the spring of 2023 and disclosed that cryptocurrency had been confiscated from funds connected to 37 victims.

Fraudsters perpetrating “pig butchering” scams are turning to malicious decentralized finance applications to steal from unsuspecting victims.

Officials reported the seizure was tied to an organization responsible for “pig butchering” romance scams.

The stablecoin issuer reported the illicit funds had been used by a Southeast Asia-based crime syndicate responsible for a “pig butchering” romance scam.

The plaintiff, a Texan woman, initially blamed Binance for losing $8 million in a pig butchering scam that began on Tinder.

From “pig butchering” to phishing, there are myriad ways that scammers try to take advantage of crypto users.