Crypto
How to protect yourself from crypto scams
© 2024 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
The Department of Justice on Wednesday asked a court to let the agency seize $225 million from a so-called “pig butchering” operation—a term that describes scams where con men build up the trust of a victim over time, and then trick them into handing over large amounts of money. The funds, which the crooks held in USDT stablecoins, were laundered through the crypto exchange OKX, according to Justice Department. This is the U.S.’s largest ever seizure of funds tied to crypto confidence schemes, said the agency.
While prosecutors didn’t name one perpetrator in the complaint, they did say the funds were linked to a “scam compound” in the Philippines. These locales usually house scores of workers who labor in shifts to lure victims into parting ways with their crypto, like Bitcoin, or cash. Many of these workers are employed by transnational criminal rings and forced to work against their will, according to the United Nations.
The DOJ was able to identify more than 430 victims tied to the 144 OKX accounts through which victims’ funds were laundered. One of these victims was Shan Hanes, the former CEO of Heartland Tri-State Bank in Kansas. In August 2024, Hanes was sentenced to 24 years in prison for stealing $47 million of his bank’s funds to invest in what he thought was a cryptocurrency investment opportunity that turned out to be a scam.
“These schemes harm American victims, costing them billions of dollars every year,” Matthew Galeotti, head of the DOJ’s criminal division, said in a statement.
Losses from cryptocurrency scams have accelerated in the U.S. over the past five years, according to the most recent annual report on internet crime from the Federal Bureau of Investigation. From 2023 to 2024, the money Americans lost skyrocketed 66% to $9.3 billion and the number of complaints the agency received more than doubled to nearly 150,000, said the government agency.
The most common crime linked to cryptocurrencies was extortion, or when bad actors manipulate photos or videos to create explicit content and lure victims into sending crypto. The second most common type was investment fraud, or when criminals promise victims outsized returns if they send them money.
This latter category includes Hanes, the former bank CEO. “He was the pig that was butchered,” wrote his lawyer at the time of his sentencing. “Mr. Hanes’s vulnerability to the Pig Butcher scheme caused him to make some very bad decisions, for which he is truly sorry for causing damage to the bank and loss to the Stockholders.”
Crypto
Senate Passes Historic Crypto Bill: Sacks Hails Dollar Dominance, Bessent Sees $3.7T Boom – Regulation Bitcoin News
Crypto
Guaranty Escrow Reports Surge in Cryptocurrency Escrow Transactions Amid Rising Crypto Market
Over the past six months, major cryptocurrencies—including Bitcoin (BTC) and Ethereum (ETH)—have experienced record gains, with Bitcoin breaching $75,000 and Ethereum surpassing $4,500 in May 2025. This renewed volatility has ignited interest among investors seeking to deploy digital assets directly in real estate closings. Guaranty Escrow has responded by scaling its suite of cryptocurrency escrow services, supporting not only Bitcoin and Ethereum but also Solana (SOL), XRP, and USDT. As a result, the company has observed a 65 percent year-over-year increase in crypto-backed property transactions.
“Our clients appreciate the transparency and security of digital asset escrow, especially when using multiple tokens,” said Matthew Bond, Holding and Crypto Escrow Specialist at Guaranty Escrow. “Whether a buyer needs a Bitcoin escrow service, or Ethereum, Solana, XRP, or USDC, our multi-signature, regulated custody framework ensures funds remain secure throughout the closing process.”
Expanded Token Support and Enhanced Digital Asset Custody
To reinforce its position as the leader in cryptocurrency escrow and digital asset escrow services, Guaranty Escrow has broadened support for high-velocity chains and alternative tokens, and the company has fully integrated Bitcoin, Solana, XRP, and other cryptocurrencies into its escrow infrastructure. By partnering with BitGo’s institutional-grade custody solutions, Guaranty Escrow offers clients:
- Multi-Signature Wallets for Every Token: Ensuring trustless, tamper-proof custody for BTC, ETH, SOL, XRP, and USDC.
- Continuous Compliance & Regulatory Assurance: 24/7 audited cold storage for all supported assets.
- Streamlined User Experience: Automated verification and funding workflows for both buyers and sellers.
Guaranty Escrow has served as the benchmark for real estate crypto escrow since 2017. As the only licensed firm approved by BitGo, the company consistently demonstrates best practices in secure digital asset handling.
About Guaranty Escrow
Guaranty Escrow is the leading provider of secure cryptocurrency escrow services for real estate and high-value digital asset transactions. Since 2017, the Torrance, California–based firm has bridged traditional closing processes with cutting-edge, multi-signature custody. As the only U.S.-licensed escrow company approved by BitGo, Guaranty Escrow sets the standard for regulatory compliance, audit-grade security, and token-agnostic settlement.
To explore how our digital asset escrow solutions can streamline your next transaction, visit guaranty-escrow.com/real-estate-crypto-escrows.
Media Contact
Evan Lamont, Guaranty Escrow, 1 5625376936, [email protected], https://guaranty-escrow.com
SOURCE Guaranty Escrow
Study shows heat affects Augusta more than other places in Georgia
Southeast DC arts center celebrates 10 years with Juneteenth anniversary party – WTOP News
Cleveland Browns Legend Featured on ESPN’s All-Quarter Century Team
Tesla is asked to delay Robotaxi launch in Austin by Texas lawmakers
Oregon Ducks Favorites Over Alabama, Kentucky For Four-Star Recruit Tay Kinney?
-
Business1 week agoYale’s Endowment Selling Private Equity Stakes as Trump Targets Ivies
-
Culture1 week agoBarbara Holdridge, Whose Record Label Foretold Audiobooks, Dies at 95
-
Science1 week agoIn Taxicab Geometry, Pi Equals 4 and Circles Aren’t Round
-
News1 week agoYosemite Bans Large Flags From El Capitan, Criminalizing Protests
-
Culture1 week agoHow Many Memorable Lines Can You Match Up With Their Novels?
-
Culture1 week agoA Murdered Journalist’s Unfinished Book About the Amazon Gets Completed and Published
-
Business1 week agoWaymo halts service in downtown Los Angeles amid ICE protests
-
Politics1 week agoFox News Politics Newsletter: Hillary ‘Can’t Handle the Ratio'