U.S. Authorities Seize $9 Million in USDT Linked to “Pig Butchering” Scam

TechFlow News, June 17: According to Bloomberg, the U.S. government seized nearly $9 million worth of USDT, stating that the funds are traceable to an organized fraud network. The U.S. Department of Justice said this operation targets the so-called “pig butchering” scam—a scheme in which perpetrators build fake romantic or personal relationships to gain victims’ trust and then lure them into transferring money by fabricating cryptocurrency investment returns. Investigations revealed that the group carried out the fraud through a fictitious cryptocurrency trading platform, resulting in losses for over 70 victims across the United States.