Irish authorities have reportedly seized more than $3.42 million worth of cryptocurrencies suspected to be linked to a widespread “pig butchering” scam.
According to the Irish Independent, the seizure is part of an ongoing investigation by local and foreign law enforcement authorities into money laundering networks that local authorities believe have funnelled millions in illicit gains through Ireland.
The investigation led to a recent raid in Blackrock, Dublin, during which the authorities seized €3.25 million (approximately $3.42 million) in cryptocurrency assets, €20,000 in cash, and various digital devices and documents. Two individuals allegedly involved in the fraudulent scheme were also arrested.
The scam operation is believed to span multiple countries, with evidence of suspicious transactions across hundreds of accounts in over 15 European nations. Local officials indicated that many of these accounts were likely part of “money mule” schemes, in which third parties are recruited to transfer illicit funds. Most of these funds are believed to have originated from “pig butchering” and social engineering scams, which manipulate victims into investing large sums of money.
The investigation continues as authorities globally work to uncover the networks responsible for laundering millions from crypto-linked scams. The U.S. Department of Justice recently announced an individual recently pleaded guilty to laundering millions in stolen funds via cryptocurrency scams, including “pig butchering” operations. According to a plea deal filed on November 11, Daren Li admitted to orchestrating a scheme that laundered over $73 million through crypto investments.
Also, Chinese authorities reportedly dismantled a sprawling illegal underground banking network valued at approximately $1.9 billion, which allegedly used cryptocurrency to avoid regulatory detection. Over 193 suspects were arrested in connection with this case. Local authorities claim the network was involved in smuggling medicine, cosmetics, and investment assets outside China.
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