Federal Agencies Target 'Pig Butchering' Crypto Scams at Interagency Fraud Disruption Conference

The Commodity Futures Trading Commission (CFTC) and the Department of Justice’s National Cryptocurrency Enforcement Team (NCET), operating within the Computer Crime and Intellectual Property Section, have convened the inaugural Fraud Disruption Conference. The interagency initiative is focused on confronting and dismantling cryptocurrency fraud schemes commonly referred to as "pig butchering." According to federal authorities, pig butchering scams have defrauded Americans out of billions of dollars each year, stripping victims of their life savings and making the issue a top enforcement priority. The conference represents the first in an ongoing series organized by the CFTC and its partners to explore novel methods for disrupting retail financial fraud. The conference brought together more than 300 regulators and law enforcement professionals representing over 15 federal bodies. Participating agencies included the Federal Bureau of Investigation (FBI), the U.S. Securities and Exchange Commission (SEC), the U.S. Secret Service, the U.S. Department of the Treasury, the U.S. Postal Inspection Service, the Drug Enforcement Administration (DEA), the Social Security Administration Office of the Inspector General, and multiple U.S. Attorney’s Offices. Working groups at the conference focused on actionable strategies, including the use of advanced technology to disrupt fraudulent operations, cross-agency collaboration on enforcement initiatives, and coordinated public awareness campaigns to prevent victimization. Authorities urge victims of cryptocurrency investment fraud to submit detailed complaints to the Internet Crime Complaint Center at www.IC3.gov. Reports should include platform names, cryptocurrency wallet addresses, transaction hashes, banking details, and copies of all communications with suspected scammers.