DOJ Seizes $225 Million in Crypto Linked to Pig Butchering Scams
The U.S. Department of Justice (DOJ) is attempting to seize $225 million in cryptocurrency linked to pig butchering scams, emphasizing that these funds were obtained from victims. Key points include:
- The DOJ filed a forfeiture motion last month, without publicly naming individuals involved.
- Phil Selden from Cole Schotz PC stated this action sets a precedent under Matthew Galeotti, the new head of the criminal division.
- Selden highlighted the impact on victims, noting the threat to communities and small banks like Heartland Tri-State Bank, which collapsed after embezzlement.
- Selden anticipates potential criminal charges, while the DOJ prioritized seizing crypto assets for victim restitution.
- Extradition of suspects abroad could be pursued, although it is complex.
- The case aims to reassure victims that their concerns are being addressed seriously.
This initiative reflects the DOJ's commitment to combatting crypto-related crime and protecting affected communities.