Delaware Authorities Strike Back Against “Pig Butchering” Cryptocurrency Scams

The Delaware Department of Justice’s Investor Protection Unit has suspended the activities of 23 organizations and people involved in “pig butchering” scams, which entail cryptocurrency romance frauds. According to a recent investigation by Bankless Times, such strategies cost Americans $185 million between January 2021 and March 2022.

The eastern US state of Delaware has recently become the target of crypto romance scammers. The Delaware Department of Justice’s Investor Protection Unit has received complaints from residents alleging that they had been contacted by unidentified people enticing them to purchase cryptocurrency as investments. Some buyers of digital assets realized a sizable return on their original investments. The fraudsters persisted in attracting them to make further purchases by promising earnings would be just as excellent as before. Unsurprisingly, when individuals sought to cash out their profits, they could not withdraw their money, and their holdings vanished from their accounts.

The Investor Protection Unit discovered 23 entities and people connected to such schemes through collaboration with a data analytics firm, and they were given a Summary Order to Cease and Desist. Attorney General Kathy Jennings further disclosed who was responsible for the “pig butchering” scam, a common form of a crypto romance scam. Criminals reach out to lonely people online and attempt to seduce them into a romantic relationship. The term “pig butchering” refers to the practice of deceivers “fattening” their prey before robbing them entirely while they are under the spell of sentiments. Victims are then encouraged to invest in cryptocurrencies.

“Protecting investors from online scammers is extremely important. When victims lose money through cryptocurrency scams, including the pig butchering scam, it can be difficult to recover those funds. Today’s order takes a first step toward protecting Delaware investors from the pig butchering scam by freezing funds at risk from further transfer by the wrongdoers,” said Attorney General Jennings.

The Delaware officials then provided people with some crucial advice so they might prevent such assaults in the future, including being watchful when receiving internet communications from unfamiliar sources. The adage “if something sounds too good to be true, it probably is” and the fact that there is no such thing as a “risk-free” investment should also be remembered by investors.

A British resident, who wished to remain anonymous, lost over $200,000 of his funds in January after being duped by a lady he messaged on a dating app. She introduced herself as Jia, a successful cryptocurrency trader with “inside knowledge.” This lady enticed the guy into thinking they could only live a luxurious lifestyle together if he invested his cash in a dubious digital asset. When he learned that his balance “had been cleared,” he invested around $200,000, lost communication with Jia, and claimed that if it weren’t for his mother’s support, he would have killed himself.

Returning to the USA, a Bankless Times investigation found that between January 2021 and March 2022, Americans lost almost $185 million due to romance crypto scams. According to the analysis, romance scam victims discover that the heart is not very intelligent. They are easy prey for swindlers who scam them out of their money because of their search for love. Scammers stage a sophisticated deception that makes their victims fawn over them, and by the time the victim realizes what has happened, they will be thousands of dollars in debt.

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