US Seizes $9 Million in Tether Coins Tied to Romance Scams
“Pig-butchering” is a scheme in which scammers fatten up a victim’s trust over time with a pretend romantic or personal relationship and made-up investment gains, before taking the money and vanishing.
Photographer: Justin Tallis/AFP/Getty Images
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The US government seized almost $9 million worth of Tether tokens traced to an organized network of scammers who stole millions from victims across the country.
The Justice Department said the crackdown was tied to scams commonly known as “pig butchering,” where the organization exploited more than 70 victims by creating non-existent crypto trading platforms.