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Our Commitment to Security: Freezing $47M from a Pig Butchering Scam

At OKX, we believe that a secure and transparent crypto ecosystem is essential for the future of Web3. Our recent collaboration with industry leaders and a law enforcement agency led to the freezing of $47 million in USDT tied to a sophisticated pig butchering scam, a type of investment fraud which involves criminals building trust with victims over time before stealing their funds.

The success builds on our established track record of combating illicit crypto activity, including our involvement in the largest ever US Secret Service seizure of $225 million in stolen assets. It further demonstrates our dedication to protecting users, maintaining compliance, and fostering trust in blockchain technology.

Speaking to the Senate Banking Committee, Chainalysis CEO Jonathan Levin highlights how, in a recent pig butchering case, OKX and Tether worked with officials to freeze and seize millions in illicit funds

A Year-Long Investigation Uncovering the Scam

Pig butchering scams represent one of the most deceptive forms of crypto fraud. Criminals pose as legitimate investors, gradually gaining victims' trust before convincing them to transfer funds, only to disappear with the money.

In this case, our Special Investigations and Intelligence team worked alongside Chainalysis, Tether and an Asia-based law enforcement agency to trace stolen funds across multiple wallets. Using Chainalysis' Crypto Investigations Solution, we identified victim deposit addresses, scam-controlled wallets, and a consolidation point where $46.9 million in USDT was pooled.

The criminals employed common tactics such as returning small amounts to victims to create the illusion of profits. However, advanced blockchain forensics exposed their activities. By June 2024, law enforcement and Tether took action to freeze the stolen funds, initiating the process for victim recovery.

The Significance of This Action

This case highlights the importance of collaboration between crypto companies, industry partners, and the public sector to combat fraud effectively. Unlike some other digital assets, USDT has the technical ability to be frozen when linked to criminal activity, providing a crucial mechanism for protecting users and recovering stolen funds.

OKX's Comprehensive Security and Compliance Framework

Our involvement in this investigation reflects our broader commitment to security and compliance. We have implemented one of the most robust safety frameworks in the crypto industry, including:

  • Global regulatory licenses across the US, Europe, Middle East, and Asia-Pacific regions

  • Experienced compliance and legal teams led by Chief Compliance Officer Jonathan Brockmeier and Chief Legal Officer Linda Lacewell

  • Educational campaigns to help our community identify threats

  • Advanced threat detection powered by AI tools like SkyNet to identify and flag malicious actors

  • Industry-leading certifications including SOC I Type 2, ISO 27001, and CSA STAR Level 1

  • Top security ratings from independent auditors such as Certik, Hacken, and SlowMist

  • Proof of Reserves demonstrating 1:1 backing of user funds for nearly three consecutive years

Setting the Standard for Web3 Security

The crypto industry must uphold the highest standards of security and transparency. At OKX, we are committed to leading by example through:

  • Active cooperation with law enforcement to track and freeze illicit funds

  • Continuous enhancement of transparency through regular audits and real-time reserves

  • Establishing trust by maintaining the highest benchmarks for security

This case demonstrates that when we work together, we can make meaningful strides to protect users and ensure crypto remains a positive force in global finance.To learn more about OKX's security measures, visit our OKX Protect page.

Haftungsausschluss
Dieser Inhalt dient nur zu Informationszwecken und kann sich auf Produkte beziehen, die in deiner Region nicht verfügbar sind. Dies stellt weder (i) eine Anlageberatung oder Anlageempfehlung noch (ii) ein Angebot oder eine Aufforderung zum Kauf, Verkauf oder Halten von digitalen Assets oder (iii) eine Finanz-, Buchhaltungs-, Rechts- oder Steuerberatung dar. Krypto- und digitale Asset-Guthaben, einschließlich Stablecoins, sind mit hohen Risiken verbunden und können starken Schwankungen unterliegen. Du solltest gut abwägen, ob der Handel und das Halten von digitalen Assets angesichts deiner finanziellen Situation sinnvoll ist. Bei Fragen zu deiner individuellen Situation wende dich bitte an deinen Rechts-/Steuer- oder Anlagenexperten. Informationen (einschließlich Marktdaten und ggf. statistischen Informationen) dienen lediglich zu allgemeinen Informationszwecken. Obwohl bei der Erstellung dieser Daten und Grafiken mit angemessener Sorgfalt vorgegangen wurde, wird keine Verantwortung oder Haftung für etwaige Tatsachenfehler oder hierin zum Ausdruck gebrachte Meinungen übernommen.

© 2025 OKX. Dieser Artikel darf in seiner Gesamtheit vervielfältigt oder verbreitet oder es dürfen Auszüge von 100 Wörtern oder weniger dieses Artikels verwendet werden, sofern eine solche Nutzung nicht kommerziell erfolgt. Bei jeder Vervielfältigung oder Verbreitung des gesamten Artikels muss auch deutlich angegeben werden: „Dieser Artikel ist © 2025 OKX und wird mit Genehmigung verwendet.“ Erlaubte Auszüge müssen den Namen des Artikels zitieren und eine Quellenangabe enthalten, z. B. „Artikelname, [Name des Autors, falls zutreffend], © 2025 OKX.“ Einige Inhalte können durch künstliche Intelligenz (KI) generiert oder unterstützt worden sein. Es sind keine abgeleiteten Werke oder andere Verwendungen dieses Artikels erlaubt.

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