Crypto Companies Freeze $47m in Romance Baiting Funds
Several cryptocurrency companies have come together to prevent nearly $50m stolen via “romance baiting” (pig butchering) scammers reaching its intended destination.
Blockchain analytics firm Chainalysis said it teamed up with crypto-exchanges Binance and OKX and stablecoin Tether to seize the funds.
Chainalysis used its investigations tooling to identify several addresses associated with a romance baiting operation based in Southeast Asia.
These campaigns typically combine romance and investment fraud: vulnerable individuals are approached on dating sites, before being groomed by scammers, and then persuaded to invest in some kind of investment scam.
Read more on romance baiting: Interpol Calls for an End to “Pig Butchering”…
