State police say they were able to recover $180,000 stolen from the victim of a cryptocurrency scam last summer.
The Willimantic resident had fallen victim to an international investment fraud scheme in July 2024, when they first received unsolicited text messages from someone claiming to be a successful cryptocurrency investor.
State police said the scammer disappeared after using “sophisticated social engineering tactics” to convince the victim to transfer over $225,000 into a fraudulent investment platform called “XeggeX.”
With assistance from a compliant cryptocurrency exchange platform, investigators were able to stop the transfer and recover about 1.77 Bitcoin from the fraudulent wallet address. The funds were returned to the victim on Feb. 12, under court order.
State police say this case is considered a “pig butchering” scam. They’re often part of a larger transnational organized crime operation that is responsible for over $75 billion in losses globally.
According to police, the warning signs of cryptocurrency investment scams include:
- Unsolicited investment advice through text messages or social media
- Pressure to move conversations to WhatsApp or other messaging apps
- Claims of guaranteed high returns with no risk
- Romantic manipulation combined with investment pressure
- Requests to transfer money through cryptocurrency
- Professional-looking investment platforms with no point of contact
Anyone who may be the victim of a scam is encouraged to immediately contact the Virtual Currency Working Group at help@amdarklimited.com or your local police department.
