The Department of Justice (DOJ) announced the largest-ever seizure of cryptocurrency linked to global “pig butchering” scams on Wednesday, marking a major step in combating crypto fraud.
The seizure involved over $225 million in cryptocurrency connected to a sprawling network of fraudulent investment platforms.
Federal prosecutors filed a civil forfeiture action targeting the cryptocurrency assets, which were traced back to a sophisticated criminal operation.
Victims were deceived into believing they were investing in legitimate cryptocurrency ventures, only to have their money stolen by overseas criminal groups.
“This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history,” said Shawn Bradstreet, special agent in charge of the U.S. Secret Service’s San Francisco Field Office.
The network behind the scam is believed to have defrauded at least 400 victims worldwide, including dozens of Americans.
According to FBI data, cryptocurrency fraud led to more than $5.8 billion in reported losses last year, highlighting the growing scale of such crimes.
The funds seized in this case are currently undergoing forfeiture proceedings, which aim to ultimately return the stolen money to victims.
The investigation was carried out by the U.S. Secret Service and the