Department of Justice recovers 2.3 million dollars in cryptocurrencies after “Pig Slaughter” scam – How to avoid traps?

The US Department of Justice Recovers $2.3 Million in Cryptocurrency Following “Pig Farm” Fraud

The US Department of Justice has reported a successful recovery of $2.3 million worth of cryptocurrency linked to a scam known as the “pig farm” fraud. This marks another milestone in the fight against the increasingly common cryptocurrency-related fraudulent schemes.

What is the “Pig Farm” Fraud?

The “pig farm” fraud is a cunning form of scam where perpetrators exploit social media to connect with potential victims in order to swindle them out of their cryptocurrencies. Scammers often direct individuals to fake investment platforms, promising unbelievable returns, while in reality, the funds end up directly in the hands of criminals.

Recovery of Cryptocurrencies Following the 2023 Investigation

An investigation related to the “pig farm” fraud from 2023 led to tracing financial transfers to two Binance wallets where approximately $2.3 million in various cryptocurrencies were located. Victims of this fraudulent scheme, with an average loss exceeding $62,000, fell prey to the calculated scheming of fraudsters.

FBI Alert and the Scale of the Scams

The FBI warns that scams associated with the “pig farm” are becoming increasingly prevalent, with annual losses of victims in the USA surpassing $2 billion. These staggering figures underscore the necessity for vigilance and protection against such criminal activities.

How to Avoid Cryptocurrency Scams?

To avoid falling victim to scams like the “pig farm,” it is advisable not to blindly believe promises of high profits based on online contacts. It is always worth independently verifying the authenticity of investment platforms and steering clear of suspicious transactions without substantial evidence and guarantees.

What to Do If You Have Fallen Victim to Fraud?

If you suspect that you have become a victim of a cryptocurrency-related scam, promptly reach out to the appropriate law enforcement agencies and provide all relevant information. This can be done by emailing USAMA.CyberTip@usdoj.gov.

Exercising caution and staying informed about online security are crucial in the face of increasingly sophisticated criminal activities in the realm of cryptocurrencies. You too can contribute to preventing further fraudsters!