DOJ’s $225M Seizure Puts Human Cost of Crypto Scams in Focus, Former Acting U.S. Attorney Says
2025-07-02 05:07:12
Main Idea
The DOJ's $225 million crypto seizure highlights the human cost of pig butchering scams and reflects a new enforcement approach targeting crypto-related crimes.
Key Points
1. The DOJ seized $225 million in crypto linked to pig butchering scams, signaling a focus on combating such frauds.
2. Former Acting U.S. Attorney Phil Selden notes the case underscores the real-world impact of crypto crimes on victims, including small-town banks like Heartland Tri-State Bank.
3. Heartland Tri-State Bank collapsed in 2023 after its CEO embezzled $50 million under the direction of pig butchering scammers.
4. Selden emphasizes that crypto crime is not abstract or offshore but directly affects communities, particularly in areas with limited financial institutions.
5. The DOJ's actions aim to reassure victims and demonstrate serious enforcement against crypto-related fraud.
Description
The U.S. Department of Justice is sending a message with its recent effort to seize $225 million in crypto tied to pig butchering scams: these funds were stolen from victims. At least, that's the takeaway from Phil Selden, a member at Cole Schotz PC and former acting US Attorney for the District of Maryland. The DOJ moved to seize these funds last month through a forfeiture motion, although it has yet to publicly identify any individuals accused of stealing the funds. But that's the point, Selde...
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