$1.4M in stolen cryptocurrency seized in 'pig butchering' scam case: sheriff

LOUDOUN COUNTY, Va. - Authorities in Virginia have seized $1.4 million in cryptocurrency stolen in a 'pig butchering' scam.

The Loudoun County Sheriff’s Office revealed the case emerged when a victim received an unsolicited text message from scammers. Through the message, the con artists allegedly encouraged the victim to explore cryptocurrency trading, guiding them to create an account on a trading website controlled by the fraudsters.

Officials said the scam trading website showed significant returns on the investment, but when the victim attempted to withdraw the assets, they were told that significant taxes would need to be paid in advance.

"This seizure sends a clear signal to bad actors that we will not allow our citizens to be taken advantage of and will do everything possible to get their money back," said Sheriff Mike Chapman in a press release. "If you commit fraud, especially a fraud of this magnitude, know that Loudoun County is coming for you."

Officials believe this is one of the first and largest seizures of its kind in Virginia. The department’s Financial and Cybercrime Unit detectives, who are certified in blockchain investigations, investigated 107 cryptocurrency cases in 2024, with a total monetary loss exceeding $13 million.

What is a ‘pig butchering’ scam?

The United States Secret Service says the ‘pig butchering’ scam is one of the most common types of cryptocurrency investment fraud today.

The scam involves fraudsters gaining the trust of victims, often through a fictitious romantic relationship, and duping them into making investments in fake cryptocurrency projects. Victims are convinced to transfer money to an alleged investment opportunity recommended by the scammer. The scammer then highlights seemingly impressive monetary gains from initial investments, encouraging the victim to invest increasingly larger amounts, ultimately leading to financial ruin.