The Loudoun County Sheriff’s Office recovered more than a million dollars in cryptocurrency stolen in a scam, calling it one of the largest seizures of its kind in Virginia.
A resident lost $1.4 million in what’s called a “pig butchering scam,” in which the criminal builds trust with the victim, convinces them to invest money, then disappears with it.
“It’s a con,” Sheriff Mike Chapman said. “They’re trying to get you to trust them in order to fall into their trap.”
“They kind of rope you in for a little bit more and a little bit more and a little bit more,” he said.
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In this case, the criminal initially targeted the victim by text, eventually moving to social media, and, after months, convinced them to invest money on a cryptocurrency website. The scammer even paid out small sums to get the victim to give more.
But the website was fake.
“And it takes a long time to investigate these because the amount of money that goes through some of these transactions is extraordinary,” Chapman said.
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Authorities say these types of financial crimes are on the rise. According to the Loudoun County Sheriff’s Office, in 2023, detectives investigated 50 cryptocurrency cases. In 2024, there were 107 cases.
The Loudoun County Sheriff’s Office advises people beware of unsolicited messages, always verify investment platforms, don’t send money to strangers they’ve never met and lookout for red flags.
“Anything that you see that looks like it’s too good to be true, it probably is,” Chapman said.
He also advised consulting a trusted financial advisor whenever investing a large sum of money. Anyone who think they’ve become a victim of such a scam should call local law enforcement immediately, because the longer the wait, the harder it is to get the money back.
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