A major 'pig butchering' scam, involving tricking individuals into investing in fake cryptocurrency platforms, has reportedly netted $40 million. The scam, detailed in newly unsealed court records and blockchain analysis, highlights the scale of investment fraud in the crypto sphere. The FBI's reported figures show billions lost to such scams. In one case, a victim was defrauded of 1.63 BTC, leading to the seizure of a related account containing about $280,000. This case represents the broader impact of such scams, with substantial amounts being siphoned off from unsuspecting investors.
According to a study, from January 2020 to February 2024, crypto criminals moved at least $75.3 billion into suspicious accounts, including $15.2 billion in deposits from major crypto exchanges used by everyday investors . The scams have resulted in reported losses of $2.57 billion in 2021 alone, representing a 183% increase from the previous year
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