US detective confiscates $4.6M in cryptocurrency from pig butchering fraud bust

Pig butchering scams are deceiving victims with fake crypto investments, draining their funds. A recent investigation revealed a scam wallet with over $4.6 million in crypto, but recoveries are still rare in most cases of crypto fraud.

These scams, known as “pig butchering,” involve luring victims into trusting relationships only to exploit them through fake crypto investments. Victims who try to withdraw their supposed profits are often faced with demands for high “taxes” or penalties.

In the past, recovering lost money from such scams was nearly impossible, but progress is being made. A recent case involved a victim losing $551,000 to one of these schemes, but with the help of detective Scott Simmons from Wisconsin, over $800,000 has been frozen and will be returned to victims.

Simmons’ investigation revealed that the stolen funds had been laundered through multiple addresses before ending up in a wallet holding $4.6 million in assets. While cases like this are not common, they show that law enforcement agencies are making efforts to combat crypto scams and return funds to victims.

Despite these successes, recoveries from such scams are still rare. US Attorney Michael Easley highlighted the significant losses Americans face due to investment frauds involving crypto accounts overseas. Law enforcement agencies are working to recover funds, even when criminals are located abroad.

In the crypto market, Bitcoin has seen a 0.1% increase in the past 24 hours to $101,740, while Ethereum is down 2% to $3,840.

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