US Seizes $5 Million in Cryptocurrency Linked to Alleged ‘Pig Butchering’ Scam

Scammers allegedly built romantic relationships with victims and then exploited their trust to steal money.

The Department of Justice in Washington on July 29, 2024. Madalina Vasiliu/The Epoch Times

The U.S. attorney for the Eastern District of North Carolina said that investigators seized almost $5 million worth of Tether, a cryptocurrency pegged to the dollar, which was allegedly defrauded from Americans as part of an investment scam.

The seized funds belong to the alleged victims of “pig butchering” schemes, according to an Aug. 22 statement from the district attorney’s office. The schemes are known as “pig butchering” because of the way that criminals feed promises of romance and riches to potential victims.