Details on Interpol seizing $130m from cyber criminals and details on Pig Butchering

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INTERPOL has announced that its cyber operation codenamed “Haechi III” has turned into an immense success as the law enforcement agency seized $130,000,000 worth money and virtual assets from cyber criminals and money laundering scams and succeeded in arresting over 1000 of suspects.

According to a press update released by the ‘International Crime Police Organization’, most of the amount seized was related to romance scams, phishing, se$tortion, investment frauds, cryptocurrency scams and money laundering linked to illegal online gaming and betting.

Such strict actions on crime activities will induce a kind of nervousness into the criminals and might discourage them from attempting more crime and could help in curtailing the crime forever.

Coming to the other news, for the first time in the history of the US government, the justice department has reportedly seized seven domains that hosted websites related to “Pig Butchering”.

To those uninitiated, here are some details on the concept of ‘Pig Butchering’ and is nothing, but a scammer builds up a trust with the victim pressuring them to invest in crypto currencies and then offers them bogus crypto wallets to store the currency, that are in fact solely controlled by the scammer who later siphons all the money.

Since the scammer promises riches to the victims (Pigs) and then cuts them by taking their money, the term Pig Butchering is being used to refer to such scams.

Factually, such scams usually originate from Asia, mainly from developing nations such as India, Pakistan, and China and are now spreading to the west like wild fire through dating apps and social media platforms such as Facebook and Telegram.

 

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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