New Jersey enforces cease and desist orders against three ‘pig butcher’ scammers

cointelegraph.com:

The New Jersey Bureau of Securities has ordered three website operators to stop luring romance-seeking victims into their fraudulent cryptocurrency investment schemes.

The three firms hit with the cease and desist orders were Meta Capitals Limited, Cresttrademining Limited and Forex Market Trade, according to a Feb. 3 press release from New Jersey’s Attorney General Matthew Platkin.

All three firms claimed to be cryptocurrency trading platforms, where they would entice victims into copying the trades of their “expert traders” so that they can make big returns.

These firms bring in victims by reaching out to romance seekers on dating apps like Tinder through what is known as the "pig butchering" scam.

Online scammers are taking advantage of investors in a new scam known as “pig butchering” where victims are “fattened up” before scammers take all they can. With today’s cease and desist orders we're protecting NJ from cryptocurrency fraud. https://t.co/Q6xX5l4Ohk

“Pig butchering” is a scam where cybercriminals use social media to contact victims, instigate a romantic relationship and then lure them into a fraudulent cryptocurrency investment scheme once they’ve gained their trust.

Platkin said they’re working hard to protect New Jersey residents getting lured into the investment scam:

“We are working around the clock to protect the victims of these types of scams and to show these scammers our laws still apply in cyber space,” Platkin added.

Acting Director Cari Fais of the Bureau’s Division of Consumer Affairs also hopes that the enforcement actions will make it clear that they will “pursue scammers who prey on people’s trust.”

The crackdown comes as the United States Federal Bureau of Investigation (FBI) reported about 4,300