Logo

DOJ Seizes Record $225M in Cryptocurrency from Global 'Pig Butchering' Scams

The Department of Justice announced the seizure of $225.3 million in cryptocurrency tied to extensive pig butchering scams, fraud schemes that have cost victims billions globally. This largest-ever seizure by the U.S. Secret Service followed advanced blockchain tracing and cooperation with Tether. Authorities aim to return funds to victims and urge more to come forward.

DOJ Seizes Record $225M in Cryptocurrency from Global 'Pig Butchering' Scams

DOJ Announces Largest Cryptocurrency Seizure Linked to 'Pig Butchering' Scams

The U.S. Department of Justice has taken a significant step against crypto fraud, announcing the seizure of $225.3 million worth of cryptocurrency tied to widespread investment scams commonly known as "pig butchering." This marks the largest cryptocurrency confiscation in the history of the U.S. Secret Service.

Unraveling a Massive Fraud Network

Federal prosecutors initiated civil forfeiture proceedings targeting the crypto assets connected to an extensive network of fraudulent investment platforms. These scams duped victims into believing they were investing legitimately, only to have their funds siphoned off by criminal groups, many based overseas.

Authorities believe the scheme impacted at least 400 individuals worldwide, including numerous victims across the United States. According to FBI statistics, cryptographic fraud accounted for over $5.8 billion in losses in the previous year alone.

Advanced Blockchain Tracing and Industry Cooperation

The U.S. Secret Service and FBI utilized sophisticated blockchain analytics and investigative tactics to pinpoint and recover the stolen assets. A crucial component of this operation was the collaboration with Tether, the largest stablecoin issuer globally, who provided critical assistance in tracking the illicit funds.

The fraudulent activities involved complex laundering techniques, including hundreds of thousands of transactions designed to obfuscate the origins and flow of stolen cryptocurrency. These confidence schemes frequently exploit victims through deeply manipulative approaches, often intertwining romance scams.

Path Toward Justice and Restitution

The confiscated cryptocurrency is now under forfeiture proceedings with the goal of returning the funds to defrauded victims. Authorities are also encouraging additional victims of these schemes to come forward and assist ongoing investigations.

Understanding 'Pig Butchering' Scams

Named after the strategy of 'fattening' victims before 'slaughtering' them financially, pig butchering scams involve elaborate relationships and investment enticements designed to swindle victims of their crypto holdings. The recent federal actions highlight the growing crackdown on these deceptive practices that have struck an alarming number of investors globally.

Scammers Impersonating Trump Inaugural Committee Stole $250K in Crypto
Scammers Impersonating Trump Inaugural Committee Stole $250K in Crypto

Scammers impersonated the Trump-Vance Inaugural Committee using deceptive email addresses to steal over $250,000 in cryptocurrency from unsuspecting donors. The U.S. government seeks to seize nearly 40,400 USDT from the fraud, highlighting growing threats in digital donation fraud and the critical need for vigilant verification.

Iran’s Nobitex Crypto Exchange Loses $90M in Devastating Cyberattack
Iran’s Nobitex Crypto Exchange Loses $90M in Devastating Cyberattack

Nobitex, one of Iran's largest cryptocurrency exchanges, fell victim to a devastating cyberattack that wiped out nearly $90 million. Claimed by the hacking group Gonjeshke Darande, the assault involved transferring funds to inaccessible wallets, effectively destroying the assets. The attack carries significant geopolitical weight amid ongoing tensions between Iran and Israel, highlighting cybersecurity vulnerabilities in the region.

Rupee Volatility May Rise Post US Tariff Pause Expiry, Experts Warn
Rupee Volatility May Rise Post US Tariff Pause Expiry, Experts Warn

With the upcoming expiration of the U.S. President's 90-day tariff pause, the Indian rupee's recent stability may give way to greater volatility after the first half of fiscal 2026. MUFG predicts an appreciation to 83 per dollar with a potential trade deal, while Indian analysts expect fluctuations between 84-86 per dollar, emphasizing increased volatility starting September. RBI's actions will be crucial in managing these trends.

Japan’s Rising Bond Yields Raise Fears of Capital Outflows and Market Volatility
Japan’s Rising Bond Yields Raise Fears of Capital Outflows and Market Volatility

Yields on Japan’s long-term government bonds have reached near-record highs, fueling fears of capital repatriation by Japanese investors from the U.S. and potential disruptions in global financial markets. Experts warn that rising yields and a strengthening yen could unwind the yen carry trade, impact U.S. equities, and tighten global liquidity conditions. While some foresee a gradual adjustment, the evolving bond market dynamics warrant vigilant observation given their broad economic implications.

Australia's Consumer Inflation Steady in April with Rate Cuts Expected
Australia's Consumer Inflation Steady in April with Rate Cuts Expected

In April, Australia's consumer inflation rate remained stable at 2.4% year-over-year, with increased health and holiday expenses balanced by lower fuel costs. Core inflation measures stayed within the Reserve Bank's target range of 2-3%. The resilient labor market and slowing rent growth bolster expectations for potential interest rate cuts in July amid ongoing global economic uncertainties.

Bank of England Seeks Public Input for New Banknote Designs
Bank of England Seeks Public Input for New Banknote Designs

The Bank of England plans a major redesign of its currency for the first time in over 50 years. Shifting focus from historical figures, the public is invited to propose new themes ranging from nature and innovation to landmarks and cultural icons. This initiative aims to create banknotes that reflect the diversity and identity of modern Britain while balancing security and accessibility. Despite cash usage declining to 12% of transactions, the Bank remains committed to cash availability and is asking for public input ahead of final designs selected by the Bank governor.

Czech Republic Summons Chinese Ambassador Over 2022 Cyberattack
Czech Republic Summons Chinese Ambassador Over 2022 Cyberattack

The Czech Republic has summoned China's ambassador following a cyberattack that targeted its Foreign Ministry in 2022. Investigations identified the China-linked APT31 cyberespionage group as responsible. Foreign Minister Jan Lipavský warned the attack would have serious bilateral consequences and urged China to prevent similar incidents. The Czech Security Information Office also flagged China as a security threat in its 2024 report.

ASML Loses $130 Billion Amid China Export Limits and U.S. Tariffs
ASML Loses $130 Billion Amid China Export Limits and U.S. Tariffs

ASML, a key semiconductor equipment manufacturer, has lost over $130 billion in value amid U.S. export restrictions to China and tariff uncertainties. Despite these setbacks, its role as the sole producer of critical EUV lithography machines ensures strong growth prospects, supported by anticipated investments from industry leaders and potential trade agreements.

Federal Reserve Holds Rates Steady, Signals Two Cuts Later in 2025
Federal Reserve Holds Rates Steady, Signals Two Cuts Later in 2025

The Federal Reserve maintained its benchmark interest rate at 4.25%-4.5% but anticipates two rate cuts in 2025. Updated forecasts reveal slower GDP growth at 1.4%, with inflation remaining elevated and unemployment slightly rising. Despite political pressure, the Fed adopts a cautious wait-and-see approach amid signs of economic softening and fiscal challenges.

FDA Greenlights Gilead’s Twice-Yearly HIV Prevention Injection
FDA Greenlights Gilead’s Twice-Yearly HIV Prevention Injection

Gilead’s long-acting HIV prevention injection, Yeztugo, has secured FDA approval, delivering potent protection with just two doses annually. Despite clinical success and broad insurance efforts, proposed federal funding cuts pose risks to accessibility, especially for vulnerable communities disproportionately affected by HIV. The company pledges expanded global supply and affordability initiatives.