"Multiple Arrests Made in $80M 'Pig Butchering' Crypto Scam"

Two men from Southern California have been arrested for their involvement in an $80 million cryptocurrency scam known as "pig butchering." The scam involved conning victims through dating services, social media platforms, and unsolicited calls into making investments using cryptocurrency. The scammers would establish trust with the victims and direct them to fraudulent investment platforms, where they would deposit money that they were unable to withdraw or recover. The scheme resulted in over $80 million in victim losses, with more than $20 million allegedly deposited into accounts controlled by the arrested individuals. All four defendants have been indicted on charges of conspiracy to commit money laundering, concealment of money laundering, and international money laundering, each carrying a maximum sentence of 20 years in federal prison.