- FBI seized $2.5 million in crypto from Thailand-based scammers.
- The U.S. Attorney initiated a civil forfeiture to reclaim the crypto seized by the FBI.
Crypto crimes have been on the rise on the global stage. Many of these crimes target innocent victims, crypto users, holders, or even fiat to crypto.
Law enforcement has remained vigilant with the rise of such crimes targeting the crypto community.
FBI seizes crypto proceeds
According to recent news, the FBI has seized $2.5 million in crypto from a Thailand pig butchering scam.
Based on reports from the U.S. government website, the FBI followed a scammer from Thailand operating two crypto accounts holding Tether [USDT].
After the FBI investigation, the agency managed to seize USDT with the help of Thailand police.
Following the FBI’s seizure of the amounts, a U.S. Attorney of the District of Columbia announced the process of reclaiming the seized crypto.
The crypto scam, known as “pig butchering” was targeting American citizens. According to U.S. law, civil forfeiture allows the government to seize any assets from criminals abroad.
According to the reports, the seized crypto was held on two Binance [BNB] accounts.
U.S. Attorney Matthew M. Graves and Special Agent in Charge Stacey Moy of the FBI’s San Diego Field Office, announced.
“Our office will find and hold accountable criminal organizations – whether they operate within the United States or outside of if – that use fraudulent investment schemes like ‘pig butchering’ to defraud victims in the U.S.”
He further added,
“This forfeiture action demonstrates that scammers cannot hide their illegal activity by using cryptocurrency and engaging in complicated transactions: we will find them, seize their illegal proceeds, and get money back to the victims.”
USDT and criminal activities
Source: D. C Court
Early this year, USDT was identified by U. S authorities and even U.N as the most widely used token for criminal activities. For instance, the proceeds from the pig butchering scams involve using Tether.
Criminals prefer Tether’s USDT because of its stability and the decentralized operation outside the traditional financial system.
In fact, the use of USDT by criminals is widely dominant in Southeast Asia, which pushed Tether to freeze $2225M last year over pig butchering allegations.
