The Federal Bureau of Investigation (FBI) Baltimore office issued a press release on Tuesday addressing the rising threat of cryptocurrency investment fraud in Maryland. Known as “pig butchering,” this form of fraud involves scammers persuading victims to invest heavily in what turn out to be fake cryptocurrency opportunities.
Victims often lose their entire investments, with criminal actors, usually based overseas, gaining control of the funds. Between January and August 2024, Maryland residents reported almost $54.5 million in losses from these scams, according to FBI data. The agency noted that in 2023, 668 Marylanders lost $69.1 million to similar schemes.
The Federal Bureau of Investigation (FBI) Baltimore office issued a press release on Tuesday addressing the rising threat of cryptocurrency investment fraud in Maryland. Known as “pig butchering,” this form of fraud involves scammers persuading victims to invest heavily in what turn out to be fake cryptocurrency opportunities.
Victims often lose their entire investments, with criminal actors, usually based overseas, gaining control of the funds. Between January and August 2024, Maryland residents reported almost $54.5 million in losses from these scams, according to FBI data. The agency noted that in 2023, 668 Marylanders lost $69.1 million to similar schemes.