How Law Enforcement is Combating Pig Butchering Crypto Scams
Public Key
How to Trace Cryptocurrency
React is a new app that helps victims of crime get their money back. In one case, the company traced $250,000 to an exchange overseas. It sent a search warrant to the exchange and it returned the money. "I'm a big advocate of empowering our local law enforcement," says React's CEO.
How Law Enforcement is Combating Pig Butchering Crypto Scams
A multi-billion dollar scam operation that incorporates industrial scale scam centers, human trafficking, fake investment websites and cryptocurrency. Pig butchering is emerging as a serious priority for law enforcement who are seeing victims lose their life savings to scammers that may be victims themselves.
In this episode, Ian Andrews (Chief Marketing Officer, Chainalysis) is joined by cybercrime savvy public sector heroes , Erin West (Deputy District Attorney, Santa Clara County, Office of the District Attorney) and Alona Katz (Deputy Bureau Chief of the Cybercrime and Identity Theft Bureau, Manhattan District Attorney's Office), who give the victim perspective of these complex crypto related crimes.
Alona and Erin explain how victims are being taken advantage of and how public private partnerships and law enforcement coalitions are collaborating to combat this billion dollar industry. They share heartbreaking stories from victims, but also give practical tips on how law enforcement and the general public can do their part in the fight against these investment scams.
Minute-by-minute episode breakdown- (2:45) – How Erin and Alona got into the public sector and their first experience with cryptocurrency on the job
- (5:35) – How are the victims of Pig Butchering lured in by scammers and are victims underreporting this crime?
- (18:00) – The REACT Task Force and how law enforcement is collaborating to counter Pig Butchering schemes
- (22:03) – Crypto is more recoverable than some law enforcement might think but victims have to be cautious of third party recovery services
- (30:15) – How to navigate international jurisdictions where legislation and governments may not be as cooperative
- (33:56) – The best advice for protecting yourself against Pig Butchering crypto scammers
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
- Report: The Chainalysis 2023 Crypto Crime Report
- Conference: Chainalysis Links Conference 2023 in New York City
- Forbes Article: Cryptocurrency Scam Victim Who Lost Over $1 Million To Get Over $100,000 Back, Prosecutor Says
- Cybercrime Hotline: Manhattan DA Office - Cybercrime and Identity Theft Hotline - 212-335-9600
- Unchained Podcast (Laura Shin): How This Prosecutor Is Spearheading the Fight Against Crypto ‘Pig Butchering’ Scams – Ep. 455
- Twitter: Chainalysis Twitter: Building trust in blockchains
- TikTok: Newly launched Chainalysis Tik Tok page
- YouTube: Chainalysis YouTube page is completely revamped
- Website: Careers at Chainalysis - Join us today
- Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
- Erin West (Deputy District Attorney, Santa Clara County, Office of the District Attorney)
- Alona Katz (Deputy Bureau Chief of the Cybercrime and Identity Theft Bureau, Manhattan District Attorney's Office)
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