Uncover the shady side of cryptocurrency backed with PoW, PoS, Hash, Private Keys, and Blockchain in this Reviews of Pig Butchering Romance Scam!
The flags were raised high in The Pig Butchering Romance Scam documentary released on 7th/March/2023 in the United Kingdom, the United States, and India! But, no crypto-investor would have expected that their account might be frozen by Tether, the third largest cryptocurrency with $87.9 billion tokens in circulation. Let’s learn more in this Pig Butchering Romance Scam Reviews.
About Pig Butchering Romance Scam:
Tether released a press note on 20th/November/2023 announcing confiscating $225 million worth of tokens to curb the human trafficking scam. The term Pig Butchering Scam originated from the Chinese phrase – Shazhu pán.
It refers to pig slaughtering plate (or) criminals trick people into trusting them online. They convince victims to invest in cryptocurrency platforms. However, these fraudsters control the investment platforms. Eventually, they steal all the money and disappear. It’s like making a pig grow fatter before killing it.
Funds linked to a crime group involved in human trafficking and pig butchering were seized by Tether. Unfortunately, some innocent people’s cryptocurrency wallets got caught up in the operation.
Pig Butchering Romance Reviews:
Data from Etherscan showed that the seized funds came from 37 different crypto wallets, with most of them transferred to the OKX exchange. The blockchain service provider clarified that these wallets did not belong to their customers. Tether is working with government agencies to unfreeze these affected users’ wallets.
The funds were stored in self-custodial crypto wallets, which required a month-long investigation and significant resources to locate them. To help with the investigation, Tether used tracking tools from Chainalysis. This technology allowed them to track the movement of the illicit funds on the blockchain and prevent further use.
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Effects of Pig Butchering Romance Scam:
The operation did not stop Tether’s CEO, Paolo Ardoino, from appreciating their action. He emphasized that the voluntary freeze demonstrates their commitment to user safety in the crypto space. Paolo Ardoino Tweeted that besides the law enforcement agencies, Tether is working hard to stop the bad guys.
Paolo Ardoino’s Tweet just came after his post on 14th/November/2023 about Tether and Bitcoin getting massive adaption in Argentina as people are able to use Tether for their daily transactions, which includes paying at restaurants, vegetable markets, Etc., especially when the Pesos are continuously devaluation.
Tether is working with the US Department of Justice (DoJ) and OKX crypto exchange in executing the investigation.
Plot of Pig Butchering Romance Scam:
Will Tether still uphold its credibility and stakeholder’s trust? (or) will the history of the TERRA LUNA crash(2022) repeat?
Tether has come up as a well-established and reputed USDT, but crime syndicates have found several ways of using USDT to fund their operations. You can find platforms where winning lottery amount gets credited in USDT. Similarly, crime syndicates force people to work for them and pay them in Tether. Such activities involve Teather payment for:
- Cross-border transactions,
- Circumventing traditional banking systems,
- Facilitating ransom payments,
- Anonymous transactions,
- Money laundering,
- Forceful employment, and
- Human trafficking, Etc.
Social media links:
Following Investigations by Tether, OKX, and the U.S. Department of Justice, Tether Voluntarily Freezes 225M in Stolen USDT Linked to International Crime Syndicate https://t.co/yrofwNtK5s
— Tether (@Tether_to) November 20, 2023
Impressive work by @Tether_to and @okx teams, alongside with Law Enforcement to stop bad guys🤝 https://t.co/P0U8ydP91x
— Paolo Ardoino 🍐 (@paoloardoino) November 20, 2023
Conclusion:
Pig Butchering Romance Scam exposed the dangers of Teather providing anonymity, which makes it harder to track transactions. Tether is widely accepted and used, making it easier to move and exchange. Tether is pegged to the US dollar. Its value remains relatively stable, with minimal price fluctuations. There is no involvement in the banking system, making Teather an attractive choice for digital crime syndicates.
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