$61M in stolen crypto seized in North Carolina fraud crackdown

In a significant operation against cryptocurrency fraud, federal prosecutors in the Eastern District of North Carolina have seized over $61 million worth of Tether (USDT). This move is a part of an ongoing crackdown on a sophisticated 'pig butchering' investment scam. Homeland Security Investigations (HSI) traced the stolen funds through various crypto wallets, leading to the seizure of remaining balances linked to these criminal activities. The collaborative efforts of HSI, the U.S. Department of Justice (DOJ), and Tether have underscored the serious approach taken by U.S. authorities in combating crypto-based fraud and money laundering. The U.S. DOJ identified that victims were coaxed into depositing funds into fraudulent trading platforms, only to be barred from withdrawals or faced with illicit fees. U.S. Attorney Ellis Boyle praised the district's and HSI’s capability in disrupting such illegal networks. The seizure is among the largest in the U.S. and is part of a global crackdown on romance scams blended with investment fraud, particularly prevalent on social media and dating apps.