LOUDOUN COUNTY, Va. — Have you received a text from a wrong phone number lately? Be careful responding, as the Loudoun County Sheriff’s Office (LCSO) says that could be the beginning of a cryptocurrency scam attempt.
According to LCSO, deputies have recently seized around $1.4 million in cryptocurrency that was stolen through a “pig butchering” scam. The sheriff’s office says the seizure is one of the first and largest of its kind in the commonwealth.
“This seizure sends a clear signal to bad actors that we will not allow our citizens to be taken advantage of and will do everything possible to get their money back,” said Sheriff Mike Chapman. “If you commit fraud, especially a fraud of this magnitude, know that Loudoun County is coming for you.”
LCSO says the investigation began after a victim received a text message from someone addressed to the wrong person. This opened social media communications leading the suspect to befriend the victim.
Their “friendship” included the scammer encouraging the victim to explore cryptocurrency trading and create an account of a trading website controlled by the scammer.
The victim reportedly tested the site, making sure funds could be withdrawn. Afterward, the victim invested what police called a “substantial” amount of money in cryptocurrency.
When the victim tried to withdraw more funds, they were told significant taxes would have to be paid in advance.
“This tactic is a well-documented ‘pig butchering’ scam strategy, where scammers manipulate victims into believing they are achieving financial success to extract larger investments,” the sheriff’s officer explained.
LCSO’s Financial and Cybercrime Unit (FCU) detectives investigated 107 cryptocurrency cases last year with a total monetary loss of over $13 million, up from 50 such investigations in 2023.
The sheriff’s office says to always use caution while investigating in cryptocurrency and use the following tips to try avoid becoming a victim:
If you live in Loudoun County and you believe you have been targeted by a cryptocurrency scam you can report it online here.
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