The U.S. Attorney’s Office for the Eastern District of North Carolina said that federal agents seized more than $61 million in Tether (USDT) traced to crypto addresses allegedly used to launder proceeds stolen from cryptocurrency investment scams known as “pig butchering” schemes.
According to court filings, scammers targeted victims by building trust under the pretense of a romantic relationship, then steered them to fake crypto trading platforms designed to look legitimate. The platforms displayed fabricated portfolios with unusually high returns, and when victims tried to withdraw, they were blocked and pressured to pay additional “taxes” or “fees.” Investigators said the funds were rapidly routed through multiple wallets to obscure source and ownership, before analysts traced wallets that still held substantial victim funds.
U.S. Attorney Ellis Boyle said the seizure aimed to “take the profit out of crime,” while Homeland Security Investigations said its teams traced illicit flows to disrupt transnational fraud networks. The DOJ also acknowledged Tether for assisting with transferring the assets, with the next key milestone being forfeiture proceedings and any downstream victim recovery process.
Source: U.S. Attorney’s Office, Eastern District of North Carolina (DOJ).
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