Headline: Authorities seize $61M in USDT tied to “pig butchering” romance-investment fraud
Federal prosecutors in the Eastern District of North Carolina announced the seizure of more than $61 million in Tether (USDT) tokens in one of the largest cryptocurrency forfeitures tied to a “pig butchering” investment scam. The action underscores growing U.S. efforts to trace and reclaim digital assets used in complex fraud and money‑laundering networks.
According to the U.S. Department of Justice, Homeland Security Investigations (HSI) agents in Raleigh traced stolen proceeds through a network of cryptocurrency wallets to multiple accounts still holding significant balances. Once those wallets were identified, authorities moved to seize the funds with assistance from Tether in facilitating transfers from the targeted addresses.
Pig butchering schemes combine romance fraud with fake investment platforms. Perpetrators groom victims—often via social media or dating apps—build trust through long‑running romantic conversations, then steer them to professional‑looking crypto trading sites. Victims who deposit funds are typically prevented from withdrawing them, or are coerced into paying bogus “fees” or “taxes,” resulting in large losses.
“The seizure of a staggering $61 million … shows that, in the Eastern District of North Carolina, cheaters never win,” said U.S. Attorney Ellis Boyle, praising the district’s asset forfeiture team and HSI for disrupting the network.
This case highlights two trends: the sophistication of cross‑border, crypto‑enabled fraud rings and the increasing ability of U.S. law enforcement to follow token flows and recover assets—especially when service providers cooperate. The $61 million action adds to a string of high‑profile crypto forfeitures by U.S. authorities in recent years and serves as a reminder for investors to be wary of unsolicited romantic advances that push crypto investments.
Read more about the investigation and how these schemes operate to stay protected.
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