Alabama Regulator Recovers $125K in Crypto Lost to Pig Butchering Scams
Alabama securities regulators seized over $125,000 in crypto assets from two victims of "pig butchering" scams, which cost them nearly $580,000 combined. A Baldwin County resident lost approximately $185,000 after being misled by a scammer met on Bumble, while an Etowah County victim was defrauded of $395,310 through a fraudulent platform falsely claiming ties to Charles Schwab. The scams exploit emotional manipulation and the anonymity of digital assets, with criminals leveraging irreversible transactions to steal billions. Federal authorities have intensified enforcement against such scams, with the U.S. Treasury sanctioning entities involved in facilitating these frauds. In 2024, crypto scams globally reached at least $9.9 billion, with pig butchering accounting for 33.2% of scam revenue. The ASC urges immediate reporting of suspected fraud to improve recovery chances.
