Almost $47M in romance baiting proceeds nabbed

Infosecurity Magazine reports that cryptocurrency firms Chainalysis, Binance, OKX, and Tether have joined forces to seize nearly $47 million worth of cryptocurrency stolen by a Southeast Asian romance baiting operation. Attackers have transferred $46.9 million worth of Tether stolen from hundreds of victims' wallets to a trio of intermediary addresses, which then facilitated the movement of funds to five wallets, according to Chainalysis. Such funds were frozen by an Asia-Pacific law enforcement agency in June 2024 following the investigation. "We are dedicated to working with law enforcement agencies worldwide to freeze funds associated with pig butchering scams and all manner of illicit activity, with the ultimate goal of providing restitution for victims," said Tether CEO Paolo Ardoino. Romance baiting losses were noted by a Chainalysis report to have increased by 40% year-over-year in 2024, with the number of deposits from such schemes having risen 210% during the same period.