Exclusive Content:

SEC Grants Limited Exceptions to Crypto Accounting Compliance

SEC Guidance Allows Banks and Brokerages to Avoid...

Envestnet Set for $4.5 Billion Sale to Prominent Private...

Bain Capital to Acquire Wealthtech Giant Envestnet in...

Stout Acquires Financial Research Associates

Stout Acquires Financial Research Associates to Enhance Valuation...

US government pursues USDT funds on Binance following $1 million pig-butchering scam

US government pursues USDT funds on Binance following  million pig-butchering scam

US Launches Forfeiture Complaint Against $200,000 Worth of Tether on Binance Linked to Pig-Butchering Scams

The US government has taken action against a significant amount of tether (USDT) held on Binance, worth almost $200,000, in connection to pig-butchering scams that resulted in the theft of over $1 million. According to court documents filed in the District Court of Columbia, the USDT is believed to be the proceeds of wire fraud, money laundering, and related conspiracies.

The case involves an anonymous victim who fell victim to two separate scams involving individuals they met on Facebook Dating. The first scammer, posing as an engineer and diamond mine owner named Eva Markus, convinced the victim to send over $400,000 under false pretenses. The victim then entered into a second fraudulent relationship with someone claiming to be Lisa Warren, who persuaded them to invest in crypto, resulting in the loss of roughly $600,000.

Authorities were able to track down the illicit funds by following the bitcoin transactions to Warren’s wallet address. This led them to a Binance account held by Izuchukwu Henry Okolo, who had converted the bitcoin to 196,721 USDT. Binance froze the funds and alerted the FBI, who subsequently seized them.

This incident has put Binance under increased scrutiny, as US regulators have appointed legal firms to monitor the exchange’s adherence to money-laundering and sanction laws following a $4.3 billion settlement with the US government. The documents also suggest that the criminals involved in the scams may themselves be victims, and that Okolo’s claims about the nature of the seized USDT were found to be false.

The case serves as a reminder of the risks associated with online scams and the importance of due diligence when engaging in financial transactions, especially in the crypto space. Authorities continue to investigate the matter to ensure justice is served and to prevent similar incidents in the future.

Latest

SEC Grants Limited Exceptions to Crypto Accounting Compliance

SEC Guidance Allows Banks and Brokerages to Avoid...

Envestnet Set for $4.5 Billion Sale to Prominent Private Equity Firms

Bain Capital to Acquire Wealthtech Giant Envestnet in...

Stout Acquires Financial Research Associates

Stout Acquires Financial Research Associates to Enhance Valuation...

Workiva Introduces New Global Internal Audit Standards to Audit Management Platform

Workiva Incorporates Global Internal Audit Standards into GRC...

Newsletter

Don't miss

HKA expands forensic accounting and commercial damages practice with three new experts

HKA Welcomes Three Experts to Forensic Accounting and...

Delta Air Lines CEO Challenges the Economic Tactics of Budget Airlines

Delta Air Lines CEO Critiques Low-Cost Carriers Amid...

Stout Acquires Financial Research Associates

Stout Acquires Financial Research Associates to Enhance Valuation and Litigation Support Services Stout Expands Its Advisory Empire with the Acquisition of Financial Research Associates Chicago,...

Dufendach Hired as Greenwell Retires from KSI

Jim Greenwell Retires from Kent-Sussex Industries After a Distinguished Career Jim Greenwell, the Vice President of Finance and Technology at Kent-Sussex Industries (KSI), is...

Civil Servant Stood Alone in Questioning Post Office’s Legal...

Board Member Highlights Lone Concerns Over Post Office Litigation Strategy Amidst High Court Battle Whistleblower Reveals Lone Battle Against Post Office's £100m Court Strategy In...