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“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam
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“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam

On September 8, 2023, the Financial Crimes Enforcement Network (“FinCEN”) released an alert regarding a notorious virtual currency scam called “pig butchering,” because, unfortunately, it resembles the “fattening a hog before slaughter.” These scams are primarily perpetrated by criminal organizations in Southeast Asia where these scams are also called “Sha Zhu Pan.” The unwitting victims are the…