Interpol Busts 3,500 Cybercriminals, Recovers $300M in 'Pig Butchering' Scam
Interpol, in a major global operation led by South Korea, has arrested over 3,500 cybercriminals and recovered $300 million in funds, including $100 million in digital assets. The bust targeted 'pig butchering' gangs, a form of romance scam with a significant crypto nexus.
These gangs, known for their sophisticated tactics, lure victims into relationships and then persuade them to invest in fake opportunities. The scammers, often based in China and Southeast Asia, use cryptocurrencies for both scam payments and ransom demands from victim families. KK Park in Myanmar, a notorious scam compound, is believed to hold over 2,000 trafficked workers.
The operation, involving 76 countries, follows a rise in such scams. In 2022, Americans alone reported losses of over $700 million to romance scams and nearly $2.5 billion to crypto investment scams. Tether and OKX, collaborating with the U.S. Department of Justice, froze $225 million in USDT tokens linked to an international human trafficking syndicate.
The Interpol operation highlights the growing threat of pig butchering scams and the role of cryptocurrencies in these crimes. With significant losses reported worldwide, international cooperation and increased vigilance are crucial to combat this issue.
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