FBI Arrests Three in $13M Cryptocurrency 'Pig Butchering' Scam

The Federal Bureau of Investigation (FBI) has arrested three individuals in connection with a cryptocurrency scam known as "pig butchering," which resulted in a fraud scheme worth over $13 million. The arrests were made following an investigation into the illegal activities of the suspects, who targeted victims by promising high returns on investments in cryptocurrencies.

The scam, which is believed to have originated in China, involved the suspects convincing victims to invest in cryptocurrencies by offering them attractive returns. Once the victims invested their money, the suspects would then persuade them to transfer their funds to other cryptocurrency wallets, claiming that this was necessary for the investment to be successful. However, the victims' funds were ultimately stolen by the suspects, who used them for their own personal gain.

The FBI's investigation into the scam revealed that the suspects had targeted victims from various regions, including the United States, China, and other countries. The suspects used social media platforms and other online channels to reach potential victims and lure them into the scam. The FBI has warned the public to be cautious of any investment opportunities that seem too good to be true, especially those involving cryptocurrencies.

The arrests of the three suspects are a significant step in the fight against cryptocurrency fraud. The FBI has urged anyone who believes they may have been a victim of this or any other cryptocurrency scam to contact their local law enforcement agency or the FBI's Internet Crime Complaint Center (IC3).