U.S. seized $8.2 million in crypto linked to ‘Romance Baiting’ scams
The U.S. Department of Justice (DOJ) has seized over $8.2 million worth of USDT (Tether) cryptocurrency that was stolen via ‘romance baiting’ scams.
Previously referred to as ‘pig butchering,’ in this type of financial fraud victims are manipulated into making investments on fraudulent websites/apps that showcase massive returns.
Convinced they’re making a profit, the victims invest increasing amounts, but when they attempt to make any significant withdrawals, they hit various problems that prevent them from completing the action.
Ultimately, they realize they invested in a fake platform and all their money went straight into the threat actors’ pockets.
Blockchain intelligence platform TRM Labs reports that U.S. state…
