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justice.gov
Nana Yaw Marfo, 39, of Alexandria, Virginia, pleaded guilty to money laundering conspiracy for his role in laundering approximately $4.7 million stolen from romance scam victims across the United States. Marfo received the victims' money and wired it to overseas bank accounts through multiple business accounts to conceal the criminal proceeds. He faces up to 20 years in prison and a $500,000 fine at sentencing scheduled for February 4, 2025.
home.barclays
Financial criminals are exploiting cost-of-living pressures and AI technologies to target young people, with 80% of 18-24 year-olds reporting they have been targeted or know someone approached by scammers. Money muling—where individuals unknowingly or knowingly allow criminals to use their bank accounts to transfer stolen funds—is a growing concern, with "unwitting money mules" making up approximately one-third of confirmed fraud cases. Common scam tactics include fake job advertisements, romance scams using AI-generated profiles, purchase fraud (76% of scams targeting this age group), and schemes offering commissions on transactions or involving "mistaken" deposits.
daijiworld.com
A man in Udupi, India lost Rs 89 lakh to online fraudsters who used an impersonation scam involving fake TRAI and police officials. The scammers called Santhosh Kumar on September 11, falsely claiming he had multiple FIRs filed against him and threatening virtual arrest, then used WhatsApp video calls posing as a cyber inspector to convince him his bank account was involved in money laundering. The victim was deceived into transferring the entire sum to a fraudulent SBI account under the guise of RBI fund verification before realizing the scam when communication abruptly ceased.
publishedreporter.com
A 30-year-old woman from Miramar, Florida pleaded guilty to money laundering involving millions of dollars stolen from elderly romance scam victims and transferred to foreign co-conspirators. Petitfrere used bank accounts to facilitate the transfer of fraud proceeds obtained through romance scams targeting seniors.
straitstimes.com
In the first half of 2024, 580 Singapore residents fell victim to government official impersonation scams, a 58 percent increase from 367 cases in the same period the previous year, with each victim losing an average of $116,534—the highest loss amount among all scam types. Scammers impersonate police officers, bank staff, and government officials (including China government officials) to accuse victims of money laundering or other crimes, using psychological manipulation, time pressure, and fake credentials to coerce victims into transferring money to designated accounts. Authorities recommend verifying caller identity before complying with requests and looking for legitimate government sender IDs (gov.sg)
newindianexpress.com
Kochi residents, including a renowned music composer who nearly lost Rs 3 lakh, have been targeted by cyber fraudsters posing as Central agency officers who use video call "interrogations" and threats of virtual arrest to coerce victims into transferring money to private accounts. The scammers exploit fear and psychological manipulation, successfully defrauding even highly educated and tech-savvy individuals, with one software company owner losing Rs 7 crore in a foreign exchange scam. Police warn that government agencies never request money transfers to private accounts and urge victims to report fraud immediately to the toll-free number 1930 within two hours for potential fund recovery.
publishedreporter.com
Cristine Petitfrere, 30, of Miramar, Florida, pleaded guilty to money laundering approximately $2.7 million obtained from elderly victims of romance scams, earning hundreds of thousands in fees by routing victim funds to foreign co-conspirators. Romance scams, which involve fraudsters creating fake online personas to manipulate victims into sending money, cost Americans $1.14 billion in 2023 according to the Federal Trade Commission. Petitfrere faces up to ten years in prison at her December 11 sentencing in the Southern District of Florida.
goldrushcam.com
At a September 2024 Senate Banking Committee hearing, Senator Elizabeth Warren highlighted the severe impact of romance and cryptocurrency investment scams on older Americans, noting that Massachusetts residents alone lost over $85 million to these schemes in 2023. Testimony revealed that scammers use extended emotional manipulation through dating apps before gradually coercing victims to deposit funds into fake trading accounts that show false profits, ultimately draining their entire savings; crypto scam losses nationally increased tenfold from 2020-2023 to over $110 million, with adults over 60 being three times more likely to lose money in such schemes. Senator Warren advocated for her bipartisan Digital Asset Anti-Money Laundering
newsmeter.in
A 39-year-old Hyderabad woman lost Rs 2 lakhs after a fraudster posing as an official called claiming her parcel from Mumbai to Taiwan had been seized and contained illegal items including drugs and cash, then threatened her with legal action by the Narcotics Department to extract her bank details. The victim subsequently filed a cybercrime complaint, and police warned the public to disconnect suspicious calls, avoid sharing financial information, and recognize that legitimate authorities do not demand money transfers via Skype or threaten legal action to resolve alleged issues.
cw34.com
Christine Petitfrere, a 30-year-old Miramar woman, was convicted of laundering over $2.7 million in stolen money from romance scams orchestrated by overseas conspirators, keeping hundreds of thousands of dollars for herself. Romance scams typically involve criminals creating fake online accounts to build trust with victims—often elderly—before stealing their money, with victims losing approximately $1.14 million in a single year. Petitfrere faces up to 10 years in prison at her December sentencing.
therecord.media
The Johnson County Board of Education in Tennessee lost $3.36 million in April when a finance director was deceived by a fraudster impersonating a Pearson curriculum vendor using a spoofed email address (pearson.quest instead of .com). The stolen funds were laundered through multiple accounts operated by "money mules"—individuals who were themselves deceived into opening accounts, including a 76-year-old Texan who believed he was helping his online fiancée with an inheritance. As of September, approximately $742,000 of the stolen funds had been recovered, with this business email compromise (BEC) scam exemplifying a common threat to school districts nationwide.
the420.in
Dr. Ruby Thomas, a doctor in Lucknow, fell victim to an elaborate digital arrest scam in which fraudsters impersonated Mumbai Police and CBI officials via WhatsApp and video calls, falsely accusing her of involvement in the Naresh Goyal scam and threatening execution if she didn't cooperate. After holding her in a five-hour digital hostage situation with fake arrest warrants and fabricated evidence, the scammers extracted Rs 90,000 from her before disconnecting. Similar cases targeting other high-profile professionals, including Dr. Satvika Rathore (Rs 50,000 extorted), reveal a growing trend of cyber extortion
justice.gov
Five men were indicted in federal court in Brooklyn for defrauding approximately $60 million from investors in Max Infinity Management LLC and related funds through false claims about fees, track record, and SEC registration, while diverting roughly $27 million for personal use including luxury purchases. The defendants—John Cangialosi, Peter Girgis, Gene Sarabella, Enrico Carini, and Caner Otar—charged undisclosed markups exceeding 95% on pre-IPO stock investments and lied about having no upfront fees and prior successful returns. The scheme involved misrepresentations about the fund's operations, fabricate
newsweek.com
Cristine Petitfrere, 30, of Miramar, Florida, pleaded guilty to laundering $2.7 million obtained through romance scams, in which she and co-conspirators created fake online personas to defraud vulnerable victims, many elderly, and transferred funds through bank accounts to associates abroad while retaining hundreds of thousands for herself. She faces up to 10 years in prison at her December 11 sentencing. Romance scams cost Americans $1.14 billion last year, with victims often deceived by fabricated stories and fake professional identities designed to extract money through wire transfers, cryptocurrency, or gift cards.
nasdaq.com
Cristine Petitfrere from Florida pleaded guilty to operating romance scams that defrauded victims of millions of dollars; she laundered over $2.7 million and earned hundreds of thousands in fees with a co-conspirator, facing up to ten years in prison at sentencing. The case highlights the widespread impact of romance scams, which caused Americans $1.14 billion in losses in 2023, often targeting elderly individuals with both severe financial and emotional harm. Additionally, a Nevada man was convicted of fraudulently obtaining $11.2 million in COVID-19 relief funds through fake Paycheck Protection Program loan applications.
dlnews.com
During a congressional hearing, senior Democrat Maxine Waters highlighted DeFi's fraud vulnerabilities, citing the example of a counterfeit token scam related to Donald Trump Jr. and Eric Trump's World Liberty Financial project, where approximately 2,000 people lost $1.8 million in fake tokens after hackers compromised related social media accounts. Democrats and consumer advocates expressed concern about security risks and scams in decentralized finance—noting that DeFi users lost nearly $2 billion to fraud in 2023—while Republicans resisted stronger regulations, fearing they would drive innovation overseas. The hearing revealed a partisan divide over whether DeFi should be subject to existing securities regulations to prevent frau
wrcbtv.com
Karl Hampton, a 65-year-old Chattanooga man, was sentenced to 60 months in prison for defrauding an 86-year-old widow with dementia of over $1.2 million between 2018 and 2020. After meeting the victim while working as an exterminator, Hampton gained her trust, obtained Power of Attorney, and systematically drained her bank accounts, took out a $500,000 line of credit in her name, and used her credit cards to purchase luxury items including vehicles and jewelry. Hampton was ordered to pay $1.2 million in restitution, and his wife Deborah pleaded guilty to money laun
news.slashdot.org
Americans lost $5.6 billion to cryptocurrency fraud schemes in 2023, with the FBI receiving nearly 70,000 complaints involving bitcoin, ether, and other digital currencies. Investment fraud was the most prevalent scheme, accounting for $3.96 billion of the total losses, and the decentralized nature of cryptocurrency combined with irreversible transactions makes recovery of stolen funds extremely challenging.
indianexpress.com
On August 21, 2024, 29-year-old Deepankar Barman, director of DB Stock Broking in Guwahati, fled after locking his office, leaving approximately 30 investors who had invested thousands to lakhs of rupees with no recourse; investors had been promised returns as high as 7% monthly and 100% yearly but stopped receiving payments in late July. His disappearance exposed a broader trading fraud scheme across Assam, prompting authorities to arrest 59 individuals across 28 cases and constitute 14 special investigation teams, including similar operators like 22-year-old Bishal Phukan who promised
bankinfosecurity.com
In 2023, cryptocurrency scams surged dramatically in the United States, with victims reporting $5.6 billion in losses—a 45% increase from 2022—across more than 69,000 complaints to the FBI's Internet Crime Complaint Center. While seniors over 60 were most frequently targeted, people aged 30-39 also experienced significant losses, with investment scams involving bitcoin and other virtual currencies accounting for nearly 71% of total losses; fraudsters typically built rapport with victims through social media and email before moving conversations to encrypted platforms. Cryptocurrency kiosks were increasingly exploited in fraud schemes, with over 5,500 complaints involving $189 million in losses
justice.gov
The U.S. Department of Justice distributed $18.5 million from forfeited Western Union funds to approximately 3,000 fraud victims, representing the sixth distribution under the Western Union Remission Fund. Through two phases, the fund has now distributed over $420 million to more than 175,000 victims who received full compensation for losses caused by fraud schemes that Western Union aided and abetted, including grandparent scams and lottery/sweepstakes schemes targeting seniors. Western Union agreed to forfeit $586 million total following a 2017 deferred prosecution agreement for violations including the Bank Secrecy Act and wire fraud facilitation.
flaglerlive.com
An 83-year-old Maryland woman named Mae fell victim to tech support fraud when she clicked on a fake Safari warning, which led scammers to manipulate her into purchasing gift cards worth thousands of dollars over 10 hours. The case illustrates a broader problem: an estimated $8 billion is stolen annually from seniors age 60 and older through stranger fraud, with gift cards becoming an increasingly common payment method for criminals because they lack consumer protections similar to credit and debit cards. The article reveals systemic failures in federal regulation, inadequate retailer safeguards, and the profitable role that technology companies and retailers play in the gift card fraud ecosystem, where "everybody but the victim makes money."
newsweek.com
A 20-year-old Thai man recruited into a Chinese-led scam syndicate in Myanmar described how he was trained to create fake social media profiles and identify victims for romance and investment fraud schemes. Thailand has reported 78.8 million scam incidents since last year with $2 billion in losses, while U.S. authorities have warned of Americans being trafficked into these operations, with the DOJ indicting four individuals in 2023 for laundering over $80 million in scam profits. Elderly victims like a 60-year-old woman who lost $163,642 over an 18-month romance scam face particularly devastating financial consequences compared to younger victims.
forbes.com
A 52-year-old North Carolina musician named Michael Smith was arrested and charged with fraud for allegedly using artificial intelligence to create hundreds of thousands of songs, then streaming them through bot accounts on platforms including Spotify, Apple Music, and YouTube Music to fraudulently generate over $10 million in royalty payments between 2017 and 2024. Federal authorities describe the scheme as "brazen fraud" and the first of its kind involving artificially inflated music streaming, with Smith working alongside unnamed co-conspirators including an AI music company CEO and music promoter. The scam diverted millions in royalties that should have been paid to legitimate musicians and rights holders.
noozhawk.com
This educational article examines how financial fraudsters are becoming increasingly sophisticated through advanced tools like AI, with seniors (ages 60+) being particularly vulnerable targets due to larger savings and lower tech awareness. The piece details common fraud methods including phishing scams, tech support/customer service impersonations, social media investment schemes, and romance scams, noting that the FTC reported $8.8 billion in fraud losses in 2022, with seniors accounting for over $3 billion despite filing fewer reports than younger victims. The article emphasizes that anyone—regardless of age or financial literacy—can fall victim to these schemes and advises vigilance against unsolicited communications, suspicious links, and impersonations of
fintech.global
Financial fraud in Lithuania has surged dramatically, with reports increasing 13% since 2018 while case resolutions have plummeted over 70%, exacerbated by criminals' use of advanced technologies including AI deepfakes (which rose 3,000% between 2022-2023) and Authorised Push Payment (APP) fraud accounting for over 60% of financial crimes. Law enforcement and financial institutions are addressing the crisis through enhanced data-sharing protocols introduced in August 2024 and technological interventions such as transaction delays with warning messages, while also tackling obstacles like false identities and money laundering schemes. The collaboration between authorities, fintech companies, and financial institutions is critical
justice.gov
Three individuals—Chidi Olujie, Jennifer Chibueze, and Jessica Nortey—were charged with conspiring to launder over $1 million in proceeds from romance scams and other online frauds between 2016 and 2019, allegedly using shell companies and fraudulent bank accounts to move stolen money. The defendants face up to 20 years in prison on money laundering conspiracy charges plus an additional two years for aggravated identity theft. The case was prosecuted by the U.S. Attorney's Office for the District of Columbia and investigated by the FBI's Washington Field Office.
aetv.com
This article explains money laundering methods and how criminals exploit financial systems and technology rather than documenting a specific elder fraud case. The piece discusses "smurfing" (dividing illegal cash into small deposits across multiple people to avoid bank detection) and how criminals increasingly recruit money mules through social media by offering quick payments for using their bank accounts. It notes that technology platforms and cryptocurrencies unintentionally facilitate money laundering because they share similar characteristics criminals seek—high transaction volumes, international reach, and minimal regulation.
cbsnews.com
Bitcoin ATM fraud losses reached $114 million in 2023, representing a 900% increase over three years, with losses continuing at $66 million through mid-2024, according to FTC warnings. Scammers typically impersonate government agencies or banks to convince victims—particularly adults over 60, who are three times more likely to be targeted—to withdraw cash and use Bitcoin ATMs to send money to criminals' digital wallets via QR codes. The FTC advises that legitimate businesses and government agencies never require customers to use Bitcoin ATMs to resolve problems or protect money.
deccanherald.com
**Online Investment Scam - Ranchi, India**
Jharkhand CID arrested a man from Tamil Nadu in connection with an online investment fraud that defrauded a Ranchi resident of Rs 80 lakh (approximately $9,600 USD). The victim was lured through a social media group with false investment promises, while the accused and associates used dummy business accounts to receive and conceal the stolen funds.
pattayamail.com
A 34-year-old man named Supornchai was arrested in Bangkok for fraud and computer crimes after receiving a fraudulent payment of 20,000 baht from a victim who believed they were paying customs fees for a package from abroad, when the scam was actually orchestrated by a woman named Ms. Wan who recruited him to open a bank account for money laundering purposes. Police warned the public about romance and impersonation scams on social media, where perpetrators pose as trustworthy figures to manipulate victims into transferring money, and advised people to avoid trusting online acquaintances, never send money to strangers, and maintain secure accounts with strong passwords.
q1065.fm
According to a SocialCatfish.com study, New Hampshire ranked as the 4th least catfished state with 71 romance scam victims losing $1 million, while California led the nation with $184 million in losses. The article outlines five evolving romance scam tactics to avoid: money mule schemes, fake cryptocurrency investment apps, targeting of teens on TikTok, impersonation of social media influencers, and untraceable gift card requests, providing preventive measures for each type.
dlnews.com
Chainalysis's mid-year crypto crime report revealed that Chinese-language marketplaces, particularly the Cambodian platform Huione Guarantee, have become major hubs for cryptocurrency-based fraud and money laundering in Southeast Asia, processing over $49 billion in transactions since 2021. The peer-to-peer marketplace facilitates illicit activities including pig butchering scams, investment fraud, and money laundering through thousands of independent merchants operating via Telegram, while claiming neutrality and not verifying transaction legitimacy. Criminal operations in the region exploit the platform alongside coerced workers in special economic zones across Cambodia and Myanmar to conduct large-scale crypto fraud schemes.
cryptotvplus.com
Since 2019, crypto ATMs have facilitated at least $160 million in illicit transactions globally, with scammers increasingly targeting elderly victims by impersonating loved ones and directing them to deposit cash into these machines. The Internet Crime Complaint Center reported over 15,000 digital asset scam complaints from people aged 60 and older in 2023 alone, with losses exceeding $1 billion and 2,000 complaints involving Bitcoin ATMs. Law enforcement agencies worldwide have responded by shutting down hundreds of illegal crypto ATMs and prosecuting operators, while researchers have identified patterns of suspicious cross-border transactions to help detect fraudulent activity.
irs.gov
Pamela Moore, a Cincinnati woman, was sentenced to 24 months in prison in August 2024 for laundering over $8 million in proceeds from online romance scams between 2020 and 2023. Moore used personal and business bank accounts, including a fake jewelry business account, to receive and convert the stolen funds to Bitcoin at the scammers' direction, personally retaining approximately $1.7 million. As restitution, Moore was ordered to pay back the $1.7 million she directly received from the laundered funds.
infosecurity-magazine.com
Blockchain analysts report that online scammers are shortening the duration of scams and creating new fraudulent schemes at an accelerated pace to avoid detection, with 43% of cryptocurrency flowing to scam wallets in 2024 originating from newly created accounts. The average scam duration has collapsed from 271 days in 2020 to 42 days in 2024, while "pig butchering" romance scams—where victims are deceived into fake investments—remain highly lucrative, with one Myanmar-based operation netting $100 million year-to-date. Illicit cryptocurrency marketplaces like Huione Guarantee have processed billions in transactions and enabled these scams to
coindesk.com
Chainalysis reports that crypto scams remain the dominant form of crypto crime in 2024, with "pig butchering" scams—where fraudsters build trust through romantic contact before stealing cryptocurrency investments—posing particular danger to crypto wallet holders. The report identifies Huione Guarantee, a Cambodian online marketplace that has processed $49 billion in crypto transactions since 2021, as a key off-ramp used by scammers to convert stolen digital assets into usable funds, as traditional exchanges have strengthened their compliance measures.
abc.net.au
Amy lost $16,000 from her ubank account after falling victim to a common scam where fraudsters impersonated bank staff, obtained her security details via a fake verification process, and authorized push payments to steal her savings; only $7 was recovered. Neobanks and digital banking platforms create vulnerability to fraud through instant payments to new accounts, limited customer service accessibility, and the difficulty in detecting and recovering funds once scammers move money overseas or to cryptocurrency platforms. The National Anti-Scam Centre reported ubank appeared in at least 490 complaints in the prior year with total losses exceeding $500,000.
skynews.com.au
Will Clinton and Jessica Greentree lost nearly $48,000 of their house deposit savings when scammers posing as their solicitor sent a fraudulent email requesting wire transfer during their home settlement process in New South Wales, Australia. The funds were transferred to a "mule" account and subsequently moved overseas, with their bank Macquarie offering only a $500 goodwill payment despite their complaint to the Australian Financial Complaints Authority. The couple warns that this rising scam targets first-time homebuyers through impersonation of solicitors and conveyancers, and advises prospective buyers to conduct transactions in person whenever possible.
wa.gov.au
Two Western Australian victims lost over $1.4 million combined to romance scammers in recent weeks, with one victim transferring $825,000 for relocation costs and another losing at least $600,000 to a fake cryptocurrency investment scheme. The scammers employed multiple tactics including coaching victims to evade bank questions, using deepfake AI technology to manipulate video calls, and dragging victims into secondary scams as money mules and fake recovery schemes. Western Australia has recorded $2.9 million in losses across 26 romance scam victims in 2024, prompting authorities to warn people never to transfer money to online-only contacts and to be wary of love interests unw
wcpo.com
A 65-year-old Cincinnati woman, Pamela Moore, pleaded guilty to laundering over $8 million obtained through romance scams between 2020 and 2023, using personal and business bank accounts to convert the funds to Bitcoin at scammers' direction and personally profiting approximately $1.7 million. She was sentenced to 24 months in prison and ordered to pay $1,680,900 in restitution.
marinij.com
Two defendants, Ronnie Curtis Baker and Kimberly Marie Mallory, pleaded not guilty to charges of defrauding an 80-year-old Greenbrae resident of approximately $250,000 in a financial scheme involving false contractor representation and money laundering of around $230,000. Baker, posing as a licensed contractor, and Mallory, a public notary, face multiple charges including elder theft, grand theft by false pretenses, mortgage fraud, and money laundering. The case is scheduled to return to Marin County Superior Court on September 26.
media.anz.com
ANZ reported a 49% reduction in customer scam losses between October 2023 and June 2024, preventing over $100 million in funds from reaching cybercriminals, while implementing multiple protective measures including AI-based scam detection, cryptocurrency payment restrictions, and enhanced customer education. The bank identified online platforms as the most common scam source (45% of reports), followed by telephone/SMS and email, and emphasized that community awareness and victim willingness to share experiences are critical to combating increasingly sophisticated fraud schemes.
eccalifornian.com
Romance scams remain the leading fraud reported to the FTC, with San Diego County alone reporting over $1.3 million in losses in 2023 and nationwide losses exceeding $1.1 billion annually. Scammers, often operating from overseas labor camps, pose as romantic interests and request money for emergencies, investments, or personal situations, using common excuses like illness, military deployment, or business deals. The article advises potential victims to avoid sending money to unmet online contacts, verify photos using reverse image search, and be suspicious of requests to move conversations off dating apps or provide personal information.
androidauthority.com
Phone scams are increasingly sophisticated and cost US consumers $2.7 billion in reported losses in 2023 alone, with numbers rising annually. The article identifies 12 common phone and text scams including the "loved one in need" (grandparent scam), government impersonation (FBI/IRS), and other fraudulent schemes that exploit emotional pressure and official-sounding tactics. Key prevention strategies include verifying caller identity through alternative contact methods, refusing to send money to unknown callers, and being skeptical of urgent payment demands, especially via wire transfers or gift cards.
securityboulevard.com
Kansas bank CEO Shan Hanes was sentenced to 24 years in prison for embezzling $47.1 million through wire transfers to cryptocurrency wallets as part of a "pig butchering" scam in which he was the victim-turned-perpetrator. His actions directly caused Heartland Tri-State Bank to collapse, resulting in $9 million in losses to investors, with the FDIC absorbing the remaining $47.1 million. Hanes circumvented internal banking controls with the help of employees to facilitate the fraudulent transfers between May and June 2023.
irs.gov
James Dougherty of Boise was sentenced to 41 months in federal prison for wire fraud after systematically defrauding an elderly retired schoolteacher of her 46-acre ranch and over $250,000 through a scheme involving gaining power of attorney, establishing a fraudulent trust, and selling the property to himself at below-market value. His wife, Jessica Dougherty, received three years of probation for obstruction of justice after destroying evidence on a computer while in custody. The victim, whose health had deteriorated, lost control of her finances and real property between 2015 and 2017 when the Doughertys fraudulently transferre
bbc.com
Between January 2022 and January 2023, a "pig-butchering" investment scam targeting Chinese citizens was operated from the Isle of Man, with scammers working from the Seaview Hotel and former bank offices in Douglas. Nearly 100 Chinese workers, many transferred from the Philippines, used fast broadband and QQ messaging to lure victims into fake investment schemes where they posed as investment "teachers" and fellow investors, ultimately siphoning off millions of dollars. Six workers have since been convicted in Chinese courts for their roles in the scam, which was run by Manx Internet Commerce (MIC), part of a larger company group that also operated an online casino to exploit
theconversation.com
An 83-year-old Maryland woman named Mae fell victim to tech support fraud when she clicked a malicious link claiming to be from Apple, leading scammers posing as tech support and bank fraud personnel to convince her to purchase gift cards totaling thousands of dollars over a 10-hour period. The case illustrates a larger problem: an estimated $8 billion is stolen annually from seniors age 60 and older through stranger fraud, with gift cards increasingly becoming the preferred payment method for scammers because they lack consumer protections afforded to credit and debit cards and are easily converted to untraceable purchases or resold on dark web marketplaces. The investigation reveals that federal regulators have consistently
columbuscountynews.com
Federal investigators in North Carolina seized approximately $5 million in cryptocurrency tied to a "pig butchering" scam, in which criminals pose as romantic partners to build trust with victims before directing them to fake cryptocurrency trading platforms. The scammers promised high investment returns on these fraudulent platforms, then prevented victims from withdrawing funds and demanded additional payments for supposed taxes and penalties. The FBI traced victim funds through multiple cryptocurrency wallets used to launder the proceeds, with one victim losing an entire individual retirement account to the scheme.