The name of the organization behind the plans was not disclosed. The essence of the “pig butchering” scheme lies in fake crypto investments, where fake projects are “fed for slaughter”, but the funds are transferred not to the scammers’ accounts, but to different “bases”. The scammers then take whatever amount they can.
In other words, it is a criminal network that creates fake investment companies and crypto exchanges and offers them to investors, convincing them to invest their money, which is then stolen.
Besides chaining, coin swaps and network cross-bridges have also become popular methods to evade law enforcement, according to Mark Tibbs, Mishcon De Reya’s director of cyber intelligence. “Coin exchanges are decentralized protocols that allow users to exchange coins directly with others without intermediaries. An inter-chain bridge connects different blockchains and allows the transfer of assets and information between them. The expert emphasized that such services can be used for legitimate privacy purposes, but can also be misused for money laundering purposes.
As part of the investigation and operational actions, employees of the US Department of Justice and the FBI seized $ 9 million.
Source: Ferra
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