Larry David Takes on Crypto Scams: “Can’t We Just Freeze Their Money Already?”

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So, I’m just sitting here, minding my own business, and I hear about this thing called a “pig butchering scam.” What is this, a new cooking show? No, it’s apparently a way for some scumbags to steal people’s money using crypto. And guess what? Law enforcement, with the help of Chainalysis, Tether, Binance, and OKX, managed to freeze almost $47 million in USDT. 🤷‍♂️

  • Law enforcement in the Asia-Pacific region froze nearly $47 million in USDT linked to pig butchering scams, thanks to an investigation involving Chainalysis, Tether, Binance, and OKX.
  • Pig butchering crypto scams have become so common that they’re costing victims billions worldwide. Like, what is wrong with people? 🙄

So, here’s how it went down: Investigators traced victim deposits to crypto scam wallets in Southeast Asia. They used Chainalysis’ fancy blockchain tracing tools to follow the money across dozens of addresses. It turns out, these scammers were really patient. Some victims made multiple transfers within a single month, while others kept sending money for as long as seven months. Can you believe it? 🤦‍♂️

The stolen funds, totaling about $46.9 million in USDT, were first consolidated in one wallet and then spread across five wallets. To keep the victims hooked, the scammers even sent back small amounts, like $63,900 in one case, to make the fake investments seem real. Talk about dedication to a lie. 😂

Once the scam network was mapped, Chainalysis shared the intel with exchanges and regional authorities. Tether froze the funds in June 2024, with Binance and OKX confirming the links between the wallets and scam activity. It’s like a team of superheroes, except the heroes are tech companies and the villains are just really good at lying. 🦸‍♂️👩‍💻

We’re honoured to have worked with @okx, @Binance & @Tether_to alongside APAC law enforcement to investigate and freeze $50M in USDT tied to pig butchering scams.

🤝 Powerful example of how industry collaboration can combat sophisticated financial crime networks. Read more:…

– Chainalysis (@chainalysis) August 28, 2025

This isn’t the first time these companies have teamed up to stop bad guys. In late 2023, Tether and OKX helped the Department of Justice freeze $225 million in USDT linked to human trafficking and romance scams. That case became one of the largest crypto cases in the agency’s history, and the funds were eventually returned to the victims. 🎉

What are pig butchering scams?

Pig butchering, or “romance” or “investment” scams, involve criminals building long-term relationships with victims through dating apps or random texts. Once they gain trust, they convince the victims to invest in fake opportunities, like fraudulent crypto schemes, before cutting off all contact. The name “pig butchering” comes from the idea of “fattening up” victims with trust before “slaughtering” them financially. How charming. 🥩

These scams initially targeted Asian victims but now reach people worldwide, costing billions annually. In 2024, pig butchering scams wiped out $3.6 billion from the crypto industry, making them one of the biggest threats to the industry. It’s like a horror movie, but with your money. 🤯

Need for strong security measures to combat crypto scams

Beyond pig butchering scams, the crypto industry faces a wide range of threats from malicious actors. This year alone, losses from various scams and hacks have exceeded $3.1 billion. Even though there have been some big recoveries and crackdowns, the attacks keep coming. It’s like playing whack-a-mole, but with your savings. 🐹🔨

Educating users and strengthening industry-wide security practices are crucial to reducing exposure. Continued collaboration between industry members and law enforcement is essential to create a powerful front and ensure a safer crypto ecosystem. Or, you know, we could all just stop falling for these scams. 🙏

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2025-08-29 13:59