Odaily reported, citing Bloomberg, that the U.S. Department of Justice has seized about $9 million in funds linked to a fraud network. The assets involved were the stablecoin Tether (USDT). According to law enforcement authorities, the case is connected to a long-running romance and investment fraud scheme commonly known as “pig-butchering.”
The criminal organization allegedly built fake romantic or social relationships with victims in order to gradually gain their trust. Victims were then guided to place funds into fabricated crypto investment platforms. After the funds were deposited, the perpetrators disappeared with the money.
The investigation found that the network affected more than 70 victims within the United States and illegally transferred a total of several million dollars. The Justice Department said the asset freeze and enforcement action are intended to cut off the flow of scam funds and strengthen the tracking and enforcement response against cross-border crypto fraud.