"Criminal actors and professional money launderers use cyber-enabled fraud schemes to swindle their victims and conceal their ill-gotten gains. HSI special agents work diligently to trace the illicit proceeds of crime across the globe to disrupt and dismantle the transnational criminal organizations that seek to defraud hardworking Americans."
"Threat actors are known to target individuals by cultivating romantic relationships after approaching them on dating and social media messaging apps. These activities are carried out by individuals who are trafficked into scam compounds operating primarily in Southeast Asia with promises of high-paying jobs, then coerced into conning victims online."
"The fake platforms displayed made-up investment portfolios displaying unusually high returns in a deliberate attempt to make victims invest more of their funds. The reality hits when users try to withdraw their funds, at which point they are asked to pay an extra fee as a way to extract even more money."
The Department of Justice announced the seizure of $61 million in Tether cryptocurrency associated with pig butchering scams, which involve elaborate fraud schemes targeting victims through romantic relationships on dating and social media platforms. Trafficked individuals in Southeast Asian scam compounds are coerced into posing as investment brokers or charming strangers to deceive victims into fraudulent cryptocurrency investments. Scammers operate fake investment platforms displaying artificially high returns to encourage larger investments. When victims attempt withdrawals, they face additional fee demands designed to extract more money. The seized funds represent proceeds laundered through cryptocurrency addresses, demonstrating how criminal organizations use cyber-enabled fraud to steal from victims and conceal illicit gains across international borders.
Read at The Hacker News
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