LOUDOUN COUNTY, Va. (7News) — Roughly $1.4 million worth of cryptocurrency was recovered by Loudoun County deputies after learning of a “pig butchering” scam involving a trading website, according to Loudoun County Sheriff’s Office officials on Monday.
What started as a text to the wrong person eventually led one person down the rabbit hole of cryptocurrency trading, officials said. Deputies said a victim began communicating with a scammer who sent them a message, later being convinced to trade online under the promise of earning substantial amounts of money.
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After several small transactions, the victim reportedly tried to make a larger one and was told significant taxes would be taken away. It’s a scam called “pig butchering,” where scammers trick victims into believing they’ve achieved financial success to extract larger payments.
Officials said the scammer gained the victim’s trust after several messages and the website was one controlled by the scammer.
Loudoun County officials said they believe it’s the largest seizure of its kind in Virginia.
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Loudoun County deputies have investigated hundreds of cryptocurrency cases, reportedly investigating 107 in 2024 resulting in roughly $13 million in losses, officials said in a statement. Loudoun County residents concerned about the scams are asked to contact the Sheriff’s Office.
Here’s what officials said to look out for with cryptocurrency scams:
- Be Skeptical of Unsolicited Messages: Treat any unexpected or misdirected communications with caution, especially if they lead to discussions about investment opportunities.
- Verify the Legitimacy of Investment Platforms: Do not trust platforms or websites recommended by individuals you meet online without conducting thorough independent research.
- Avoid Sending Money to Unknown Individuals: Never transfer funds or provide financial information to people you have not met in person.
- Look Out for Red Flags: Scammers often promise high returns with minimal risk. If it sounds too good to be true, it probably is.
- Consult with Professionals: Seek advice from licensed financial advisors before making significant investments.