Attorney Reveals Alarming Number of Emails Received from Victims of Pig Butchering Scams
In an alarming development, it has been revealed that victims of pig butchering scams are reaching out to authorities at an unprecedented rate. Attorney Erin West, the Deputy District Attorney in Santa Clara, California, recently disclosed that she, on average, receives 5-6 emails daily from individuals who have fallen prey to these scams.
“Pig butchering scams have become a stark reality for countless victims,” West stated. “The most recent victim lost a staggering $5 million, and that’s not even the largest amount we’ve seen in this scam.”
These scams, which involve a combination of online romance, fraudulent crypto investments, and human trafficking, are causing significant financial losses for US citizens. Compounding the issue is the fact that the stolen funds are being funneled overseas to transnational criminal organizations in Myanmar and Cambodia, with trafficked individuals being exploited as virtual slaves to carry out these scams.
The seriousness of the situation is highlighted by the statistics provided by TRM Labs, a leading blockchain intelligence company. According to them, the FBI’s Internet Crime Complaint Center (IC3) has received over 4,300 complaints related to pig butchering, with cumulative losses exceeding $400 million.
Reports from FBI field offices indicate that this surge in pig butchering shows no signs of abating, painting a grim picture for potential victims.
In response to this escalating problem, Erin West has developed a prosecutorial blueprint for tackling pig butchering cases in the United States. As an integral member of the Regional Enforcement Allied Computer Team (REACT) Task Force, West specializes in investigating high-tech crimes.
When she came across her first pig butchering scam, West quickly realized the importance of collaborating with Binance, the world’s largest cryptocurrency exchange, to unravel the complex workings of these operations. With Binance’s cooperation and the obtained search warrant, West and her team managed to recover funds for 26 victims. This success prompted them to disseminate their blueprint nationwide, offering assistance to other victims.
Describing pig butchering as another form of romance scam, West emphasized the need for a comprehensive “whole-of-government” solution to combat this criminal activity.
While pig butchering scams have wreaked havoc on the finances of many individuals, they are not the only threat faced by the crypto industry. In 2023, approximately $2 billion was stolen through various crypto thefts, marking a slight decline in hacking incidents compared to previous years.
According to a report from De.FI, a renowned web3 security firm, hackers managed to pilfer $2 billion in digital assets throughout the year. While this amount is still concerning, it represents the first decrease in crypto hacking incidents since 2021. The REKT database provided by De.FI ranks the most devastating crypto hacks, from historic breaches to recent attacks on networks, shedding light on the ongoing vulnerabilities and challenges within the DeFi ecosystem.
Despite these challenges, the report also highlighted the progress made in addressing the vulnerabilities, despite the muted interest in the crypto space during the first half of 2023 due to the ongoing bear market.