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How to lose everything after communicating with a stranger.
According to recently disclosed court documents , the Pig Butchering scam network made about $40 million by deceiving victims and encouraging them to invest in fake cryptocurrency platforms.
Fraud schemes start with the fact that criminals contact potential victims through text messages, dating apps or profile groups in social networks. Then the criminals, using various methods of manipulation, enter into the confidence of the victim.
A joint report by 404 Media and Court Watch reveals that law enforcement agents focused on a specific cryptocurrency wallet belonging to a Filipino citizen, Su Chaoling. In October 2023, a fraud victim from the United States transferred about 1.63 BTC to this wallet. The investigation revealed that the victim transferred funds to an account in the OKX crypto exchange owned by Chaoling. In November 2023, OKX agreed to freeze the fraudster's account for 14 days so that law enforcement agencies could get a warrant to withdraw funds. At that time, Chaoling's account was about $280 thousand.
The investigation is the intersection of several cases across the country aimed at combating large-scale fraud. Another 6 victims of the Pig Butchering scheme were found to have invested in the curve investment site.bet, but couldn't get them back.
One of the victims in the US, after meeting a woman on Facebook*, created an account on the Coinbase exchange and transferred money to curve.bet in the hope of a return on investment. The victim tried to withdraw $380k from his investment, but the transaction failed. Then the scammers offered the woman to take a loan, sell the car and borrow money from friends in order to collect the necessary 20% of the amount for withdrawal. Another fraud victim also invested in curve.bet $500k, but I couldn't withdraw my funds.
The investigation revealed that the victim's transfers were eventually sent to Chaoling's OKX account. According to the exchange's records, the account holder regularly exchanged BTC for other cryptocurrencies and transferred funds from his account. However, despite OKX's requests, Chaoling did not provide information about the origin of funds in his account, instead he asked OKX to unfreeze his BTC wallet for short-term trading.
Intelligence agencies analyzed the transactions of Chaoling's wallet and found that at the time of verification, the total amount of deposits in the wallet was about 1,094. 54 BTC. Most of these funds were received from private wallets. According to court documents, the total value of BTC receipts to this account was approximately $39.9 million..
Active interaction of law enforcement agencies allowed identifying and freezing the fraudster's accounts. The case remains open and the investigation is ongoing, which underscores the need for vigilance and caution in the field of investment, especially in the cryptocurrency space.
In December, 4 US citizens were charged with participating in a fraudulent scheme, thanks to which they earned more than $80 million on investment scams using cryptocurrency. The suspects once opened fictitious companies and bank accounts to carry out scams, transferring illegally obtained funds to domestic and international financial institutions.
According to recently disclosed court documents , the Pig Butchering scam network made about $40 million by deceiving victims and encouraging them to invest in fake cryptocurrency platforms.
Fraud schemes start with the fact that criminals contact potential victims through text messages, dating apps or profile groups in social networks. Then the criminals, using various methods of manipulation, enter into the confidence of the victim.
A joint report by 404 Media and Court Watch reveals that law enforcement agents focused on a specific cryptocurrency wallet belonging to a Filipino citizen, Su Chaoling. In October 2023, a fraud victim from the United States transferred about 1.63 BTC to this wallet. The investigation revealed that the victim transferred funds to an account in the OKX crypto exchange owned by Chaoling. In November 2023, OKX agreed to freeze the fraudster's account for 14 days so that law enforcement agencies could get a warrant to withdraw funds. At that time, Chaoling's account was about $280 thousand.
The investigation is the intersection of several cases across the country aimed at combating large-scale fraud. Another 6 victims of the Pig Butchering scheme were found to have invested in the curve investment site.bet, but couldn't get them back.
One of the victims in the US, after meeting a woman on Facebook*, created an account on the Coinbase exchange and transferred money to curve.bet in the hope of a return on investment. The victim tried to withdraw $380k from his investment, but the transaction failed. Then the scammers offered the woman to take a loan, sell the car and borrow money from friends in order to collect the necessary 20% of the amount for withdrawal. Another fraud victim also invested in curve.bet $500k, but I couldn't withdraw my funds.
The investigation revealed that the victim's transfers were eventually sent to Chaoling's OKX account. According to the exchange's records, the account holder regularly exchanged BTC for other cryptocurrencies and transferred funds from his account. However, despite OKX's requests, Chaoling did not provide information about the origin of funds in his account, instead he asked OKX to unfreeze his BTC wallet for short-term trading.
Intelligence agencies analyzed the transactions of Chaoling's wallet and found that at the time of verification, the total amount of deposits in the wallet was about 1,094. 54 BTC. Most of these funds were received from private wallets. According to court documents, the total value of BTC receipts to this account was approximately $39.9 million..
Active interaction of law enforcement agencies allowed identifying and freezing the fraudster's accounts. The case remains open and the investigation is ongoing, which underscores the need for vigilance and caution in the field of investment, especially in the cryptocurrency space.
In December, 4 US citizens were charged with participating in a fraudulent scheme, thanks to which they earned more than $80 million on investment scams using cryptocurrency. The suspects once opened fictitious companies and bank accounts to carry out scams, transferring illegally obtained funds to domestic and international financial institutions.
