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The U.S. federal prosecutors have confiscated over $61 million in USDT stablecoins, which, according to the investigation, are linked to an extensive network of fraudsters who exploited fake crypto investments.
Law enforcement officials reported that the perpetrators employed a pig butchering scheme—establishing long-term trust with victims through dating apps, social media, and messaging platforms.
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According to the investigation, the fraudsters engaged in romantic conversations, creating a facade of personal interest, after which they proposed “guaranteed profitable” cryptocurrency investments. Victims were persuaded to transfer funds to fraudulent websites that displayed fictitious earnings.
When the victims attempted to withdraw their funds, they were either denied or asked to pay additional “taxes” and “fees.”
The U.S. Department of Homeland Security’s Investigations (HSI) tracked the flow of funds through a network of wallets and identified addresses where significant amounts remained. The Eastern District of North Carolina prosecutors believe that these funds were utilized for laundering proceeds obtained from crypto fraud.
Previously, a similar network of fraudsters was uncovered in Australia, having deceived nearly 200 retirees and stolen over $5 million.
