The US Department of Justice (DoJ) has announced the seizure of seven domains used in an extensive pig butchering cryptocurrency scam. The announcement came on Monday, according to which the scam was run between May and August 2022, and attackers raked in more than $10 million from five victims.

Scam Details

For your information, pig butchering or Sha Zhu Pan is a scam where threat actors lure innocent investors into giving up their crypto assets and sending them to the attackers. Scammers find their targets through dating apps, SMS messages, and social media platforms. They befriend their victim and quickly initiate a serious relationship to build trust and trick them into investing cryptocurrency in a fake app.

As soon as the actors receive the money, they vanish and steal it, causing “significant losses for the victim,” DoJ’s press release read. The seized domains all impersonated the Singapore International Monetary Exchange.

After the funds are transferred to the attacker’s wallet address, the cryptocurrencies are moved through several private wallets and swapping platforms to hide the trail.

Court records indicated that five victims were targeted during the abovementioned timeline, all based in the USA and tricked using the seven seized domains.

Evolving Attack Tactics a Cause of Concern!

In a press release, the Department of Justice pointed out that pig butchering fraud reveals the extent threat actors are willing to go to lure their targets and claim their funds. They use various techniques, from emotional manipulation to friendship, to develop genuine feelings in the victim before exploiting them for crypto.

This may lead to losses of millions of dollars along with lasting emotional trauma. These scams are successful because of the intimate conversations between the scammer and the target. It can also be called romance fraud.

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