when

Rise

Baltimore’s Federal Bureau of Investigation (FBI) has warned against increased crypto scams related to cryptocurrency investments in Maryland. In this deceitful practice, generally called “Pig Butchering,” victims are tricked into investing in fictional cryptocurrency, with scammers making endless returns. 
 A <a href="https://www.fbi.gov/contact-us/field-offices/baltimore/news/cryptocurrency-investment-fraud-a-growing-problem-in-maryland#:~:text=%E2%80%9CBottom%20line%3A%20never%20trust%20someone,in%20Charge%20William%20J.%20DelBagno." target="_blank" rel="noopener nofollow">press release</a> from the FBI on Tuesday said there had been a recent upsurge of investment scams targeting Maryland residents. In the con industry, this kind of fraud is called “pig butchering,” where victims are lured into investing heavily in phoney digital currency sites. 
<h2 id="span-style-font-weight-400-br-span-b-the-alarming-rise-of-pig-butchering-schemes-b"> The Alarming Rise of ‘Pig Butchering’ Schemes</h2> 
 Some victims have lost not only their life savings but have also placed themselves at great risk as offenders who are based outside the country use them to launder stolen money. 
 According to FBI statistics, more than $54.5 million was lost to various scams by the inhabitants of Maryland between January and August 2024. Moreover, in 2023, 668 people from Maryland were duped at approximately $69.1 million by researchers. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-46588 size-large" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/crypto-scams-1024x576.jpeg" alt="Crypto Scams" width="1024" height="576" title="FBI Raises Red Flag on 'Pig Butchering' Crypto Scams Targeting Maryland 23"> 
To better understand such crimes, the FBI encourages the public to do the following: do not give out personal details or financial information to suspicious individuals, be careful about investment offers, and, in case of suspicious activities, get in touch with the FBI Baltimore Division or the Internet Crime Complaint Center (IC3) as soon as possible. 
 The FBI has raised the alarm about a possible disastrous case of a crypto scam called ‘pig butchering’ that threatens to wreak havoc not only on America’s economy but, more so, on the lives of individuals to the point of losing their life savings. Some consider ‘pig butchering’ to be a hunting metaphor in which the pig is lured and fattened first before slaughtering for profit. 
According to statistical data from the FBI, over 482 Maryland natives were conned through crypto scams by 2024, losing up to 54 million dollars. Keith Custer, Special Agent in charge of supervising investigations at ‘aka-ila’ drawing conclusions, pointed out that people out there are as democratic as possible for ‘pigs butchering:’ Vv2 to have the bears with children usually ends badly. 
<h2 id="b-understanding-the-mechanics-of-crypto-scams-b">Understanding the Mechanics of Crypto Scams</h2> 
 The scam usually starts with ordinary instances in which con artists develop their victim’s trust by using dating sites, social networks, or even encrypted communications. They promise victims that they can make money using voice-changers in crypto scams. Crypto scammers then instruct victims&nbsp;to invest in&nbsp;cryptocurrency,&nbsp;which the fraudsters collect from a phoney trading site with stolen deposits. 
 According to FBI cybercrime agents,&nbsp;clear-cut syndicates operating out of&nbsp;Southeast Asia often perpetrate these crypto scams. Moreover, fraudsters may also lure victims with illegitimate services to recover lost cryptocurrencies in a bid to make extra profits in crypto scams. 
 Advisories established by&nbsp;FBI agents&nbsp;tell the public to be very careful with&nbsp;emails they did not request, as well as offered deals since they are most likely to be crypto scams.&nbsp;Indonesia’s Criminal Investigation Agency (Bareskrim) has taken down a large-scale fraud scheme thanks to significant crypto exchanges Binance and Tokocrypto support. This team effort led to the apprehension of various people and turned out to be quite a success in fighting against fraud. 
<h2 id="span-style-font-weight-400-br-span-b-investigation-into-crypto-trading-linked-to-scams-b"> Investigation into Crypto Trading Linked to Scams</h2> 
However, an estimated $200,000 of the criminals’ money was taken during the operation. Binance has shed light on the fact that the company does not withdraw from cooperation with law enforcement agencies wherever they may be. In the year 2023 alone, its Financial Intelligence Unit (FIU) received 58000 requests from law enforcement agencies, which is more than 50000 requests processed in the year 2022. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-46005 size-large" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/a-speech-about-cryptocurrency-with-holographic-digital-coins-graphs-and-futuristic-symbols-surrounding-1024x585.webp" alt="Crypto Scams " width="1024" height="585" title="FBI Raises Red Flag on 'Pig Butchering' Crypto Scams Targeting Maryland 24"> 
The investigation commenced in November 2023 when Bareskrim carried out an operation targeting a website engaged in crypto trading, allegedly linked to a crypto scam. 
<h2 id="b-conclusion-b">Conclusion</h2> 
 Lastly, it is crystal clear that such a warning by the FBI against “pig butchering” schemes underlines the immediate need to keep the house in Maryland on guard for any crypto scam. By being well-informed and cautious, one can avoid the devastating crypto scam among the people and help contribute to the broader fight against these deceiving practices. 
&nbsp; 
Stay updated with <a href="https://thebitjournal.com/">TheBit Journal</a> by following us on <a href="https://twitter.com/Thebitjournal_" rel="nofollow noopener" target="_blank">Twitter</a> and <a href="https://www.linkedin.com/company/the-bit-journal/" rel="nofollow noopener" target="_blank">LinkedIn</a> and joining our <a href="https://t.me/thebitjournal" rel="nofollow" target="_blank">Telegram</a> channel. 
&nbsp;

FBI Raises Red Flag on ‘Pig Butchering’ Crypto Scams Targeting Maryland

Table of Contents

The Bit Journal

Other articles published on Sep 26, 2024

Ethena to Launch Stablecoin Backed by BlackRock’s Tokenized BUIDL Fund

CarMax Surpasses Q2 Expectations with $0.85 EPS, Despite Slight Revenue Dip

South Korea Fines Worldcoin for Data Privacy Breach

BingX Exchange Hit by $26M Crypto Theft: Report

Weekly Article Recap: 9/09-9/13

POL Price Soars 5% As Polygon Undergoes Major Upgrade

Join our free newsletter for daily crypto updates!