The Department of Justice is requesting court approval to seize $225 million from a cryptocurrency scam known as 'pig butchering,' linked to a Philippine operation. This marks the largest seizure to date for crypto confidence scams. The scam's victims include over 430 individuals, with funds laundered through crypto exchange OKX. The increasing prevalence of these scams has caused losses of $9.3 billion in the U.S., doubling in complaint numbers in a single year, according to the FBI's report on internet crime.
"These schemes harm American victims, costing them billions of dollars every year," Matthew Galeotti, head of the DOJ's criminal division, said in a statement.
From 2023 to 2024, the money Americans lost in crypto scams skyrocketed 66% to $9.3 billion and the number of complaints the agency received more than doubled to nearly 150,000.
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