Federal investigators had confiscated $9 million worth of crypto connected to a Silicon Valley-based cyber scam group that had taken advantage of over 70 victims, the US Attorney’s Office for the Northern District of California disclosed on Tuesday.
The intercepted funds were in the form of stablecoin Tether which is pegged to the U.S. dollar, and successfully traced back to addresses that are purportedly linked to an entity engaged in the exploitation of unsuspecting individuals through romance and confidence scams involving cryptocurrencies, commonly referred to as “pig butchering.”
Deceptive Tactics Of The Cyber Fraud Group
A pig butchering scam refers to a fraudulent scheme wherein individuals with malicious intent engage in online interactions to establish a sense of confidence with their targets, subsequently persuading them to invest in digital currency platforms.
According to court documents, members of the cyber fraud group tricked their victims into depositing cryptocur
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