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U.S. seized $8.2 million in crypto linked to ‘Romance Baiting’ scams

31Mar

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U.S. seized $8.2 million in crypto linked to ‘Romance Baiting’ scams

Due to 'romance baiting' frauds, the U.S. Department of Justice (DOJ) has confiscated more than $8.2 million worth of USDT (Tether) cryptocurrency. This kind of financial fraud, which was once known as "pig butchering," involves tricking victims into investing in phony websites or applications that promise enormous rewards. The victims invest more and more because they believe they are gaining money, but they run into a number of issues that keep them from finishing the transaction when they try to make any sizable withdrawals. In the end, they discover that they made an investment in a fraudulent platform, and all of their money ended up in the hands of the threat actors read more about U.S. seized $8.2 million in crypto linked to 'Romance Baiting' scams. Get up to date on th...

INTERPOL Pushes for “Romance Baiting” to Replace “Pig Butchering” in Scam Discourse

In an effort to eliminate the term "pig butchering," INTERPOL is recommending a change in terminology that would replace it with "romance baiting" to describe online frauds in which victims are tricked into investing in fraudulent cryptocurrency schemes under the guise of a love relationship. According to a statement from the agency, the term "pig butchering" dehumanizes and shames victims of such scams, discouraging them from coming forward to ask for assistance or give information to the authorities. Around 2016, the cryptocurrency theft scam made its debut in China, but it has since spread throughout the world. It comes from the Chinese expression "杀猪盘" ("shā zhū pán"), which means "pig butchering" in literal translation read more about INTERPOL Pushes for "Romance Baiting" to Re...

Meta removes over 2 million accounts pushing pig butchering scams

Since the start of the year, Meta has removed 2 million accounts from its platforms that are connected to pig butchering and other frauds, the company announced. The majority of these accounts come from Cambodia, which is notorious for harboring "scam slave" operations, the Philippines, Myanmar, Laos, and the United Arab Emirates. According to Meta, these criminal scam hubs entice many unwary job seekers with enticing job advertising on local job boards, forums, and recruitment platforms. They then coerce them into working as online fraudsters, frequently with the fear of physical violence read more about Meta removes over 2 million accounts pushing pig butchering scams Get up to date on the latest cybersecurity news and enhance your knowledge of cybersecurity with our thorough c...