Tether, Binance, and OKX Join Forces to Disrupt $50M Crypto Romance Scam
A massive fraud scheme known as “pig butchering” has been disrupted after international authorities and major crypto companies teamed up to freeze nearly $50 million in USDT linked to scammers in Southeast Asia.
How the scam works
Pig butchering is a long-game con. Criminals first groom their targets through casual or romantic conversations, building trust over weeks or months. Once victims feel comfortable, they are persuaded to invest in fake trading platforms. Funds flow in, but instead of being invested, the money vanishes into criminal-controlled wallets.
Tether’s unique role
Unlike decentralized assets such as Bitcoin or Ethereum, Tether’s USDT tokens can be frozen if flagged as illicit. CEO Paolo Ardoino…
