Pig butchering is a form of cryptocurrency-enabled fraud that has increasingly targeted retail investors. The funds were frozen and later destroyed by Tether before an equivalent sum was reminted and transferred into wallets controlled by US authorities. The recovered amount is currently held in custody, with a restitution process now in motion for identified victims.
The operation, which involved the identification and seizure of 39 digital wallet addresses, traced the illicit funds to 140 accounts on the OKX exchange. Several of these accounts were reportedly opened in the names of individuals coerced into working in scam compounds across Southeast Asia, illustrating the intersection between digital fraud and human trafficking.
The…
Jun 30 2025
