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Alabama securities regulators have recovered over $125,000 in crypto assets for victims of ‘pig butchering’ romance scams. These scams, which cost two residents nearly $580,000, highlight the growing threat of crypto fraud exploiting emotional manipulation.
- Pig butchering scams made up 33.2% of global crypto fraud in 2024, totaling $9.9 billion, with a 210% surge in deposit volume year-over-year.
- Scammers are now conducting shorter cons (average deposit amounts down 55%) to expand victim pools, abandoning traditional months-long grooming tactics.
- The U.S. Treasury sanctioned Philippine-based Funnull Technology in March for facilitating over $200 million in pig butchering fraud targeting Americans.
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