WASHINGTON, D.C. —
In what officials describe as the largest-ever seizure related to cryptocurrency fraud, the United States Department of Justice has confiscated over $225 million in stolen digital assets from an international network of scammers who orchestrated a widespread crypto investment fraud.
The announcement, made Wednesday, revealed that the scam—commonly known as a “crypto confidence” or “pig butchering” scheme—targeted more than 400 victims globally, including dozens of Americans, leading to devastating financial losses.
“These scams prey on trust, often resulting in extreme financial hardship for the victims,” said Shawn Bradstreet, a Special Agent in Charge at the U.S. Secret Service, during a press briefing. “We now have possession of the stolen crypto and will work to return as much of it as possible to the victims.”
The scammers laundered the funds through hundreds of thousands of cryptocurrency transactions, moving the stolen assets across wallets and platforms in an attempt to cover their tracks. Authorities said part of the activity was traced to operations in the Philippines, echoing broader concerns about scam hubs in Southeast Asia, including near the Myanmar-Thailand border.
The seizure comes at a time when crypto-related fraud is surging. Victims reported $5.8 billion in losses to crypto investment scams in 2024, a sharp rise from $4 billion in 2023 and $2.57 billion in 2022, according to the FBI.
“This is an unregulated Wild West,” said Jeanine Pirro, interim U.S. Attorney for the District of Columbia. “But it’s not just an unregulated Wild West. It’s the Wild North, East, and South.”
CNN previously reported the tragic story of an American man in his 80s who took his own life after losing his entire savings to such scammers, highlighting the devastating human cost of these crimes.
Some law enforcement officials see the enforcement action as a test of political will under the Trump administration. An April memo by Deputy Attorney General Todd Blanche criticized the previous administration’s approach, including the disbanding of the National Cryptocurrency Enforcement Team, raising fears of weakened crypto-crime enforcement.
But Pirro pushed back on those concerns, asserting:
“We will go after these scammers, no matter where they hide. This seizure proves we are serious about protecting the American people from digital predators.”
The Justice Department says efforts are ongoing to track additional assets and bring those responsible to justice.
