Justice Department Archives to Catch $225 million in cryptocurrency Related to Pig Raising Plan

U.S. Department of Justice officials announced that the Secret Service announced more than $225 million in “related to cryptocurrency investment scams.”

The Justice Department said in a notice Wednesday that it had filed a civil forfeiture complaint against more than $225.3 million in cryptocurrency. In the US legal system, such complaints are directed at the asset itself, not the parties involved. According to U.S. officials, the cryptocurrency in question is involved in money laundering by victims of fraudulent investment programs.

Interim U.S. attorney for D.C. and former Fox News host Jeanine Pirro said officials plan to use the funds again to make the plan’s victims a whole. While details of the investment scam are unclear, the complaint says more than 400 alleged victims failed to falsify the crypto plan, resulting in millions of dollars in losses.

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The Justice Department, assisted by the investigation, said Stablecoin issuer Tether in a blog post Wednesday that the cryptocurrency seizure was linked to the “pig slaughter” fraud. This approach refers to a scam where criminals convince them to send more and more funds to the victim over time to “boost” the victim.

Related: Pig Butcher Steals $5.5B from cryptocurrency investors in 2024

Cryptocurrency investment fraud caused more than $5.8 billion in losses in 2024, according to a report from the FBI Internet Crime Complaints Center.

Fight fraud nationwide

The Justice Department complaint was in New York officials said they seized $140,000 and frozen $300,000 and kidnapped $300,000 using fake ads on social media platforms. The plan caused more than $1 million in losses and identified more than 300 victims.