The FBI has informed more than 4,300 victims of cryptocurrency fraud since launching its initiative last year, highlighting the issue of 'pig butchering' scams that prey on unsuspecting investors. Approximately 76% of victims were unaware of being scammed, leading to over $285 million in savings through their alerts. Scammers manipulate victims into investing by establishing trust online, and many are often affiliated with criminal organizations. Law enforcement utilizes blockchain technology and collaborates with various entities to combat these schemes and trace stolen assets, especially targeting vulnerable populations such as Asian Americans.
The FBI has reported identifying over 4,300 victims of cryptocurrency investment fraud, known as pig butchering, since a targeted initiative was launched.
The term 'pig butchering' relates to how scammers build a rapport with victims before ultimately deceiving them into investing in fraudulent schemes.
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