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

Related resources

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

Speakers on today’s episode

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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Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

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Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.

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