We are proud to share that we closely collaborated with the United States Secret Service (USSS) on an extensive investigation into a crypto fraud scheme. Fraudsters used social engineering techniques to build trust with victims over time, an approach commonly known as “pig butchering.” This joint effort resulted in the largest-ever crypto seizure by the USSS, totaling approximately $225 million.

The USSS investigation targeted sophisticated fraud rings that prey on individuals, luring them into fake cryptocurrency investments. Victims of pig butchering schemes are gradually encouraged to deposit increasing amounts, only to eventually discover their funds have been stolen.

The $225 million in question was initially frozen by Tether in 2023, after being linked to pig butchering in a United States Department of Justice investigation. The stolen funds were tied to the perpetrators’ accounts at a non-Kraken centralized exchange. Identifying the victims and returning their funds presented a challenge, requiring significant

Leave a Reply