Major U.S. crypto exchange Coinbase has announced its involvement in an international investigation into a pig butchering scheme — a type of crypto fraud disguised as “romantic relationships” on messengers and social media.
According to the company, Coinbase played a key role in assisting the U.S. Secret Service. The operation led to the tracking and freezing of $225 million in USDT, linked to a transnational network of human traffickers and scammers operating mainly in Asia.
How it worked
Coinbase provided analytical support – tracing transaction flows, linking wallets to specific users, and helping identify victims.
Many of the transactions were routed through OTC platforms and obscure exchanges. The pig butchering scam relies on slowly gaining the victim’s trust – often posing as an investor or love interest before extracting funds through fake trading apps and phishing.
What’s next
The investigation is ongoing, and some of the frozen funds may be returned to the victims. Coinbase emphasizes that this case highlights the importance of regulated platforms and fighting fraud in the crypto space.
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