Bitrace Rescues VIctim from Romance Scam, Recovers Nearly $1 Million
“Pig butchering” is a new type of telecom fraud where fraudsters create fake identities on social media platforms and use sweet talk to lure unsuspecting victims into so-called “investments.” Under the emotional manipulation, victims often become deeply involved and continue to invest until there is nothing left to exploit.
With the rise of the crypto economy in recent years, blockchain technology and cryptocurrencies have gradually become important tools for such fraudulent activities.
A Devastating Online Romance Scam
A woman fell deeply in love with a man she met online in October 2021. Soon after, he invited her to invest in a cryptocurrency project. Using manipulative tactics, he convinced her to invest more and more money.
Eventually, she had invested all her savings, mortgaged her home and car, and borrowed heavily from friends and family, only to realize she had been scammed out of nearly $3 million.
How does Bitrace Work?
When the victim discovered she had been defrauded, she contacted Bitrace. Our team of blockchain detectives immediately began tracking the stolen funds around the clock.
Through the use of BitracePro and our deep understanding of blockchain investigations, we were able to recover nearly $1 million, even in the face of sophisticated money laundering attempts.
Widespread Damage
Victims of romance scams are found all over the world. These scams have caused widespread damage, targeting individuals from housewives to middle-class professionals to minority groups. Fraudsters have cast a wide net across countries and social classes, exploiting cryptocurrency’s borderless and anonymous nature to launder stolen funds and evade sanctions.
Through continuous research into fraudulent tactics and money laundering channels, as well as systematic labeling of addresses associated with fraudulent activities, Bitrace has developed the ability and experience to rapidly track stolen funds and help victims recover their losses.
Contact us:
Website: https://www.bitrace.io/
Email: bd@bitrace.io
Twitter: @Bitrace_team
LinkedIn：@bitrace tech