Pig Butchering | FinTelegram News

Category: Pig Butchering

October 7, 2024

Warning Against The Imminent Danger of Pig Butchering For The Dawning Cyber Society!

Pig butchering scams are a devastating form of cybercrime that blend romance and investment fraud, leaving victims emotionally and financially shattered. These sophisticated operations, run by organized crime syndicates, often exploit human trafficking victims as unwilling scammers. The perpetrators meticulously cultivate trust over months, luring targets into fraudulent cryptocurrency investments through fake platforms.

Pig Butchering

July 11, 2024

How Victims Produce More Victims: The $11 Billion Crypto Scam Marketplace Tied to Cambodian Ruling Family!

A recent investigation by crypto-tracing firm Elliptic has exposed the extensive reach of the "pig butchering" crypto scam industry, facilitated by a Cambodian platform linked to the country's ruling family. The platform, Huione Guarantee, has been identified as a central hub for tools and services enabling these scams, including deepfake technology, victim data, and even devices used for human trafficking.

May 18, 2024

Two Chinese Nationals Arrested in the U.S. for Laundering $73 Million Linked to Crypto Scams!

The U.S. Department of Justice (DOJ) announced that two Chinese nationals have been charged with laundering over $73 million from cryptocurrency investment scams, often referred to as "pig butchering." The indictment, unsealed in the Central District of California, alleges that Daren Li and Yicheng Zhang orchestrated a complex international money-laundering scheme. A cryptocurrency wallet involved in the scheme received more than $341 million in virtual assets.

February 28, 2024

Binance and Changpeng Zhao Face $8.1 Million Racketeering Lawsuit Over Alleged Fraud Complicity In Pig Butchering Scam!

Following their guilty pleas in the U.S., Binance and its former CEO, Changpeng Zhao (CZ), have been implicated in a lawsuit alleging complicity in criminal fraud schemes through lax adherence to anti-money laundering (AML) and money-transmitting regulations. The suit, demanding $8.1 million in damages, was lodged in the Boston federal court, spotlighting the personal toll of financial crimes facilitated by reputed crypto platforms such as Binance.

November 24, 2023

Worth Reading: Reuters Special Report On Binance, Crypto And Pig Butchering!

Following the seizure of $9 million in cryptocurrencies related to an Asian pig butchering scheme, Reuters published a special report that highlights the alarming growth of 'pig butchering' scams, fraudulent investment schemes primarily operated from Asia and now recognized as a global billion-dollar industry. These scams use cryptocurrencies to process their illegal payments. Binance in particular is said to have been involved as a payment processor in recent years.

November 21, 2023

U.S. Law Enforcement Seized Nearly $9M In Crypto Connected To Romance Scam Scheme!

The U.S. Department of Justice (DOJ) has announced the seizure of nearly $9 million in stablecoin Tether. These seized funds were traced to cryptocurrency addresses allegedly associated with an organization that exploited over 70 victims through romance scams and cryptocurrency confidence scams, which are widely known as “pig butchering.” The DOJ also acknowledged Tether's cooperation.

September 30, 2022

MetaTrader Allegedly Not Involved In Pig Butchering Scam But White Label Processing Suspended!

The Forex News Group (FNG) report about the Apple Store ban of the MetaTrader trading software MT4 and MT5 made the ground-shaking event public. According to a new FNG report, MetaTrader was not used in the Pig Butchering scam reported by Forbes. MetaQuotes connected its broker clients and technology partners, letting them know that it is working on restoring both MT4 and MT5 on the Apple App Store “as soon as possible.” Meanwhile, it allegedly suspended its white label processing.

September 27, 2022

Bravo! Apple Removes The Russian-Cyprus MetaTrader After Pig Butchering Scam Reports!

In the last few days, clients of most Forex, CFD, or crypto brokers have received email notifications that Apple has removed the MetaTrader app from its AppStore. The trading software developed by MetaQuote Ltd, officially based in Cyprus, is the market leader and is used by tens of millions of traders. Many scammers also use the MetaTrader software to defraud victims via the so-called Pig Butchering approach. Apparently, Apple has reacted to critical MetaTrader reports by removing it.

July 23, 2022

Worthwhile Reading: Brian Krebs Explains ‘Pig Butchering’ Investment Scams!

According to security expert Brian Krebs, the term "pig butchering" refers to a heavily scripted and human-intensive process of using fake profiles on dating apps and social media to lure people into investing in elaborate scams. "The fraud is named for the way scammers feed their victims with promises of romance and riches before cutting them off and taking all their money," the U.S. Federal Bureau of Investigation (FBI) warned in April 2022 in a podcast.

Breakeing: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.