Lord777
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About $9 million in the Tether stablecoin was seized from scammers who stole victims funds through romance scams and cryptocurrency scams. According to the US Department of Justice, the seized funds were traced to cryptocurrency addresses allegedly linked to an organized network of fraudsters that affected more than 70 victims across America as part of the Pig Butchering scheme.
According to court documents, the perpetrators coordinated actions to gain the trust of victims and trick them into making deposits in cryptocurrency. Scammers created fake websites that mimic firms and cryptocurrency exchanges with a high reputation.
Agents of the US Secret Service (USSS) were able to track the victims ' deposits, which were quickly laundered. Fraudsters used a technique called "chain hopping", where deposited funds are laundered by transferring through dozens of cryptocurrency addresses and exchanging for several different cryptocurrencies.
The withdrawal of funds ($9 million in Tether cryptocurrency) disrupted the network's financial infrastructure. The funds are currently under the control of US law enforcement agencies in the Northern District of California. According to the US Attorney's Office, Tether Limited Inc. helped confiscate the cryptocurrency from fraudsters.
According to court documents, the perpetrators coordinated actions to gain the trust of victims and trick them into making deposits in cryptocurrency. Scammers created fake websites that mimic firms and cryptocurrency exchanges with a high reputation.
Agents of the US Secret Service (USSS) were able to track the victims ' deposits, which were quickly laundered. Fraudsters used a technique called "chain hopping", where deposited funds are laundered by transferring through dozens of cryptocurrency addresses and exchanging for several different cryptocurrencies.
The withdrawal of funds ($9 million in Tether cryptocurrency) disrupted the network's financial infrastructure. The funds are currently under the control of US law enforcement agencies in the Northern District of California. According to the US Attorney's Office, Tether Limited Inc. helped confiscate the cryptocurrency from fraudsters.
