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TRENDING NOW | Escaped Prisoner Danelo Cavalcante ‘Had No Other Choice’ But to
Kill His Ex, Mom Says


‘PIG-BUTCHERING’ IS THE LATEST CRYPTO SCAM, FINCEN WARNS


THE SCAMMERS BASED IN SOUTHEAST ASIA USE FORCED LABOR TO ENTICE VICTIMS INTO
INVESTING IN FAKE CRYPTO ACCOUNTS

Published |Updated
Laura Bratton
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Scammers “butcher” victims or take their funds once they’re deposited into the
fake crypto accounts.Maria Korneeva/Getty Images

The Financial Crimes Enforcement Network is asking asked banks to report
suspicious activity that could be related to “pig butchering,” in which victims
who have been fooled into thinking they're in a romantic relationship or close
friendship are lured into investing in fraudulent crypto funds.

The scheme has been likened to fattening a pig before slaughter, hence its name.

In a statement issued Friday by the unit of the U.S. Treasury known as FinCEN,
Acting Director Himamauli Das said that the scam "has impacted far too many
Americans, which is why FinCEN is sounding the alarm and asking financial
institutions to report suspicious activity indicative of this scheme.”  



FinCEN financial transactions to root out crimes like money laundering or
terrorism. In these cases, he scammers convince their victims to invest in fake
crypto platforms, and in some cases their funds are stolen on the spot. In
others, scammers lead their victims into thinking their funds are increasing,
and dupe them into paying additional fees.

Pig-butchering has increasingly become a focus of enforcement agencies since the
FBI issued a warning about the scheme in 2022. Scammers find their victims, or
“pigs,” through text messages, dating apps and social media and then work to
“fatten them up” — essentially tricking them into thinking they’re in a close
personal relationship.



According to FinCen, such schemes are perpetrated by criminal enterprises in
Southeast Asia that use forced laborers to reach out to millions of potential
victims. "Suspicious Activity Reports filed by financial institutions will
enable law enforcement to both aid victims and track down the perpetrators," Das
said.  

Other enforcement agencies also have taken action to crack down on crypto scams.
In 2022, the U.S. Attorney’s Office for the Eastern District of Virginia
department seized seven websites, or domain names, that were used to steal $10
million from victims. The Department of Justice seized $112 million linked to
pig butchering scams in April.

Read More
 * Woman Warns of Facebook Authentication Scam That Drained Bank Account
 * Deepfake Scams Are Growing and The Latest Batch Feature Elon Musk
 * Scammers have been around forever. Then came crypto.
 * Getting paid for a bad date: Crypto is making it a thing
 * Pigs are Key for Organ Transplants — But Why?
 * The crypto market is on the rise as crypto banks like Signature collapse.
   Why?

FinCEN has asked financial institutions to report customers who initiate large
transfers to virtual asset service providers, which include ATMs and crypto
exchanges, if they have no background in crypto trading. Banks were asked to
report customers who seem anxious to get funds “to meet demands or the timeline
of a virtual currency investment opportunity,” FinCEN said in its alert, which
outlines further outlines pig butchering and its warning signs.

Read nextThe ‘World’s Tallest Dog,’ Zeus, Set to Get Leg Amputation to Stop
Cancer Spread

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