Federal Agencies Join Forces to Fight Crypto Scams

Several federal agencies, including the Federal Bureau of Investigation (FBI) and the U.S. Securities and Exchange Commission (SEC), convened at a Fraud Disruption Conference to combat crypto scams, particularly the “pig butchering” fraud that siphons billions from Americans annually. The meeting brought together over 300 officials from 15 federal agencies to strategize against this pervasive scam, focusing on prevention tactics, technological disruption, and collaborative enforcement efforts.

CFTC and DOJ Hold Inaugural Conference to Tackle ‘Pig Butchering’ Crypto Fraud

The Commodity Futures Trading Commission (CFTC) and the Department of Justice’s (DOJ) National Cryptocurrency Enforcement Team (NCET) held their inaugural Fraud Disruption Conference to address crypto scams this week, particularly “pig butchering” cryptocurrency fraud. This scam siphons billions from Americans annually, making it a critical law enforcement focus.

Participating agencies included the Federal Bureau of Investigation (FBI), Social Security Administration, U.S. Department of the Treasury, U.S. Drug Enforcement Administration (DEA), U.S. Postal Inspection Service, U.S. Secret Service, U.S. Attorney’s Office for the District of Columbia, U.S. Attorney’s Office for the District of Massachusetts, and U.S. Securities and Exchange Commission (SEC). Office of Customer Education and Outreach (OCEO) Director Melanie Devoe detailed:

More than 300 federal regulators and law enforcement officials from more than 15 federal agencies joined the CFTC today to develop measurable strategies to fight this scam that has defrauded Americans of their entire life savings.

She noted that this is one of many scam working groups with the ultimate goal of working collaboratively to help Americans protect themselves from this crypto scam and other financial frauds.

CFTC Chairman Rostin Behnam emphasized the urgency of combating these schemes, stating: “It is devastating to hear countless stories of everyday Americans being targeted and defrauded by global criminal organizations.” He highlighted the CFTC’s dedication to enhancing customer protection initiatives against retail fraud.

The conference focused on prevention tactics, technological disruption of fraud, and collaborative enforcement efforts. Participants also launched an anti-victimization campaign to alert Americans to emerging fraud threats.

What do you think about federal agencies’ joint efforts in combating cryptocurrency fraud, like pig butchering? Let us know in the comments section below.

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