The American crypto exchange Coinbase helped law enforcement authorities seize millions worth of digital assets that were stolen through pig butchering scams.
Beginning in 2023, the stablecoin issuer Tether froze 39 wallets with $225 million in USDT that were tied to pig butchering scams – deceptive schemes in which bad actors typically initiate fake romantic or business relationships with victims to financially exploit them.
The U.S. Secret Service (USSS) traced the frozen funds to 140 accounts at the crypto exchange OKX. Many of these wallets are under the name of individuals who were trafficked into scam compounds in Southeast Asia.
In February 2024, Coinbase team members joined the Secret Service investigation, working with USSS agents to trace crypto transactions and analyze account activities to flag
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