Feds seize $225 million in crypto from crooks who ran giant ‘pig butchering’ operation

The Department of Justice on Wednesday asked a court to let the agency seize $225 million from a so-called “pig butchering” operation—a term that describes scams where con men build up the trust of a victim over time, and then trick them into handing over large amounts of money. The funds, which the crooks held in USDT stablecoins, were laundered through the crypto exchange OKX, according to Justice Department. This is the U.S.’s largest ever seizure of funds tied to crypto confidence schemes, said the agency.