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09/12/2023
FinCEN Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering”
FinCEN
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing this alert to U.S. financial institutions1 and the broader public to bring attention to a prominent virtual currency investment scam called “pig butchering.”2 These scams are referred to as “pig butchering” as they resemble the practice of fattening a hog before slaughter. The victims in this situation are referred to as “pigs” by the scammers who leverage fictitious identities, the guise of potential relationships, and elaborate storylines to “fatten up” the victim into believing they are in trusted partnerships. The scammers then refer to “butchering” or “slaughtering” the victim after victim assets are stolen, causing the victims financial and emotional harm. In many cases, the “butchering” phase involves convincing victims to invest in virtual currency,3 or in some cases, over-the-counter foreign exchange schemes4—all with the intent of defrauding them of their investment.5
The information is attached..... FinCEN Alert Pig Butchering
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