A recent study by a University of Texas professor has revealed that pig-butchering scams, a form of crypto fraud, have led to losses exceeding $75 billion. One notable case involved a rural bank in Kansas, where the CEO was tricked into embezzling $47 million from the bank, resulting in its insolvency. This scam involves criminals reeling in victims to invest in fraudulent crypto ventures. The study tracked 4,000 crypto addresses and found that most of the proceeds were converted into the stablecoin Tether.
Pig-Butchering Crypto Scams Net More Than $75 Billion: Study https://t.co/39mQ6RdX3g https://t.co/jMkHMb5FMd
Pig-Butchering Scams Netted More Than $75 Billion via @ZekeFaux "University of Texas professor tracked 4,000 crypto addresses; Criminals converted most of proceeds into stablecoin Tether" https://t.co/grFDXEGmWl
Scam of the day Pig Butchering https://t.co/KDCQrRiQhS
More than $75 billion has been lost to pig-butchering scams, a new study shows https://t.co/bLsWR6aJSG
Whoa; a crypto pig butchering scam took down a rural bank in Kansas by reeling in the CEO and tricking him into embezzling $47M from the bank, pushing it into involvency. https://t.co/yluUuVYxDG