The Department of Justice on Wednesday announced the largest-ever U.S. cryptocurrency seizure tied to so-called “pig-butchering” scams, recovering more than $225.3 million through a civil forfeiture action in D.C. federal court.
Federal investigators from the FBI and U.S. Secret Service traced the illicit funds using blockchain analysis and other methods, uncovering a sophisticated international money laundering network designed to conceal proceeds from crypto-based fraud.
“These scams prey on trust, often resulting in extreme financial hardship,” said Shawn Bradstreet, special agent in charge at the Secret Service’s San Francisco office. He noted it was the largest crypto seizure in the agency’s history.
The scam model, known as pig-butchering, involves scammers developing trust—often through romantic or personal relationships—before persuading victims to invest in fake crypto schemes. Once suspicious, victims are ghosted.
According to the DOJ, more than 400 victims worldwide, including dozens in the U.S., were defrauded.
“Today’s action is the latest in our ongoing work to protect the public from crypto fraud,” DOJ official Matthew Galeotti said, promising further enforcement.
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