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Europol, the European Union’s law enforcement agency, has taken down an international criminal network in fraud, selling fake cryptocurrency to thousands of unsuspecting victims across Europe, Australia, and Canada.
Police detained 14 people in Serbia and one in Germany as part of a cross-border probe that began in June 2022. Over 260 additional suspects, including those in Bulgaria and Cyprus, have been interrogated; some are still pending legal action.
In pig butchering scams, fraudsters gain the trust of their victims and then convince them to add more of their cryptocurrency holdings to phony online wallets. An FBI report claimed that “the fraud is named for how scammers feed their victims with promises of romance and riches before cutting them off and taking all their money.”
The criminal network consisted of numerous organisations that ran at least four call centres in Serbia, Cyprus, and Bulgaria.
Three digital wallets containing nearly $1 million in cryptocurrency, $54,000 in cash, three cars, laptops, and other items were seized by the police after they searched these sites.
Over €2 million was lost by the victims, who were primarily Germans, in an internet investment scam. There are probably many more incidents than have been documented, and the overall losses could amount to “hundreds of millions of euros,” Europol said.
The so-called “pig butchering” cryptocurrency scam involved suspect scammers locating victims through social media ads. After that, they will start persuading them to deposit money in fictitious cryptocurrencies.
In recent years, pig butchering scams have become more prevalent. Social media platforms, dating apps, and even odd texts are familiar places where scammers locate their victims.
Over 4,300 complaints about fraud involving pig butchering schemes were filed with the FBI in 2021, costing victims more than $429 million.
In the wake of this arrest, Europol is cautioning people to use reputable services when investing in cryptocurrency.
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