In one of the largest strikes against cybercrime gangs, the U.S. Department of Justice announced a judicial move to seize approximately $225.3 million in cryptocurrency linked to a global fraudulent scheme known as "Pig Slaughter."
An official statement issued on June 18 stated that the U.S. Attorney's Office for the District of Columbia filed a civil lawsuit in federal court to seize assets traced to a sophisticated international fraud and money laundering network that used digital wallets in complex operations to conceal the source of funds.
According to the department, the majority of the seized funds were held in Tether (USDT), a stablecoin backed by the U.S. dollar. Tether assisted in freezing the assets and cooperated with the FBI and the U.S. Secret Service after it was discovered that these funds were the proceeds of extensive investment fraud.
These online schemes targeted hundreds of victims from around the world, convincing them to invest in fake cryptocurrency projects before withdrawing all of their funds. The Department of Justice revealed that the number of victims exceeded 400.
This case is part of a dangerous escalation in cryptocurrency-related fraud. An FBI report recorded total losses from these crimes exceeding $9 billion in 2024 alone, more than half of which resulted from "pig slaughter" schemes.
