The Delaware Department of Justice’s Investor Protection Unit froze the activities of 23 businesses and people engaged in bitcoin romance scams, sometimes known as “pig butchering” scams.
According to a recent Bankless Times investigation, Americans lost approximately $185 million from January 2021 to March 2022 as a result of similar scams.
Crypto Scammers in the News Again
The eastern US state of Delaware is the most recent location for crypto romance scammers. Not long ago, the Delaware Department of Justice’s Investor Protection Unit received reports from residents that they had been contacted by unknown persons advising them to purchase cryptocurrencies for financial purposes.
Some consumers invested in digital assets and experienced a big return on their original investments. The con artists continued persuading them to purchase more, telling them their profits would be as high as they had previously. People could not withdraw their assets when they attempted to cash out their earnings, and their holdings vanished from their accounts.
How One Man Lost $1 Million To A Crypto ‘Super Scam’ Called Pig Butchering https://t.co/N5CBIGkl70 pic.twitter.com/I1LNtOlZAM
— Forbes (@Forbes) September 29, 2022
The Investor Protection Unit, in collaboration with a data analytics firm, identified 23 entities and persons associated with these schemes and filed a Summary Order to discontinue and cease. According to the Delaware Justice Department, the stop and desist order forbids anybody or any businesses associated with crypto wallets from transferring or withdrawing assets held by the complainants.