Loudoun County Seizes $1.4M in Crypto Scam

The Loudoun County Sheriff's Office (LCSO) has seized approximately $1.4 million in stolen cryptocurrency, marking one of Virginia's first and largest 'pig butchering' scam seizures. This scam typically involves fraudsters gaining victims' trust, often through unsolicited messages or fake online relationships, and convincing them to invest in fraudulent cryptocurrency platforms. Victims are lured into making substantial investments with promises of high returns, only to face demands for significant upfront tax payments when attempting to withdraw funds. The LCSO's Financial and Cybercrime Unit, now trained in blockchain investigations, managed to recover the stolen funds and is actively combating the surge in cryptocurrency scams. Last year, the unit investigated 107 cases with losses totaling over $13 million, emphasizing the growing threat of such scams. Authorities advise residents to remain skeptical of unsolicited investment offers and to thoroughly research any platform before investing.