The U.S. Justice Department (DoJ) on Monday announced the takedown of seven domain names in connection to a “pig butchering” cryptocurrency scam. The fraudulent scheme, which operated from May to August 2022, netted the actors over $10 million from five victims, the DoJ said.
Pig butchering, also called Sha Zhu Pan, is a type of scam in which swindlers lure unsuspecting investors into sending their crypto assets. The criminals encounter potential victims on dating apps, social media sites, and through SMS messages.
These individuals initiate fake relationships in an attempt to build trust, only to trick them into making a cryptocurrency investment on a bogus platform.
But upon transferring the funds to wallet addresses supposedly provided by these domains, the digital currencies are said to have been immediately moved through an array of private wallets and swapping services to conceal the trail.
“Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim,” the DoJ said.
images from Hacker News