According to Waff TV reported on June 27, a retired man in Florence, Alabama, lost over $222,000 of his life savings in a "pig butchering" crypto scam. Federal court documents filed last week revealed that the scammer posed as a 23-year-old woman named "Bella" on Telegram, establishing a romantic relationship with the victim, then gradually guided him to transfer funds via Coinbase into a crypto wallet controlled by the scammers.
Scammer posing as "Bella" builds romantic relationship on Telegram, guides victim to transfer funds
According to the federal complaint, the victim was contacted by someone claiming to be "Bella," who said she was a 23-year-old woman. The scammer initiated a conversation with the victim on Telegram, gradually developing a romantic relationship. "Bella" then provided step-by-step instructions, teaching the victim to transfer funds from his Alabama bank account into a Coinbase account, and then to a crypto wallet controlled by the scammers.
Over $222,000 worth of the stablecoin USDT was laundered through a series of wallets and exchanges. Federal prosecutors have not yet identified any suspects, and it is currently unclear whether the seized funds will be returned to the victim.
$222,000 USDT seized through multiple wallets and exchanges, federal prosecutors file for forfeiture
Investigators tracked the flow of funds through multiple electronic wallets and crypto exchanges via federal search warrants and legally seized them. The U.S. government has filed a civil forfeiture lawsuit, asking a federal judge to order permanent seizure of the funds, on the grounds that they are proceeds of wire fraud. In scam cases where the perpetrators are located overseas, forfeiture lawsuits targeting the cryptocurrency itself are a common law enforcement tactic.
Cyvers: Global pig butchering losses reached $5.5 billion in 2024, accounting for 33.2% of crypto scam revenue
A report released by Cyvers in February 2025 stated that global pig butchering scams caused $5.5 billion in losses in 2024, with 200,000 cases recorded on the Ethereum network alone. Chainalysis data shows that such scams accounted for 33.2% of all crypto scam revenue, with deposit amounts growing approximately 210% year-over-year.
Cyvers' statistics show that 75% of victims lost more than half of their net worth. In 35% of cases, scammers began executing the fraud within 1 to 2 weeks, with some scams lasting up to three months. Men aged 30 to 49 are the highest-risk target group. Cyvers Vice President Michael Pearl stated that pig butchering scams are the "biggest threat by far" facing crypto investors, surpassing direct hacking attacks, which caused $2.3 billion in losses across 165 incidents in 2024.
Frequently Asked Questions
What is the typical modus operandi of a "pig butchering" scam?
Scammers spend weeks or months building trust with the victim (often through a fake romantic relationship), then lure the victim into a fake crypto investment platform. In this case, the scammer posed as a 23-year-old woman named "Bella" on Telegram, gradually guiding the victim to transfer funds from his bank account to Coinbase, then to a wallet controlled by the scammer, ultimately laundering the money in the form of the stablecoin USDT.
Will the funds seized by the federal government be returned to the victim?
As of now, federal prosecutors have filed a civil forfeiture lawsuit, seeking a court order to permanently seize the funds, and have not yet identified any suspects. It is also unclear whether the recovered funds will be returned to the victim; the forfeiture lawsuit targets the cryptocurrency itself, a common law enforcement tactic in cases where scammers are located overseas.
What was the global scale of losses from pig butchering scams in 2024?
According to data released by Cyvers in February 2025, global pig butchering scams caused $5.5 billion in losses in 2024, accounting for 33.2% of all crypto scam revenue. A total of 200,000 cases were recorded on the Ethereum network alone, with deposit amounts growing approximately 210% year-over-year.
