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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.

Avis de non-responsabilité
Ce contenu est uniquement fourni à titre d’information et peut concerner des produits indisponibles dans votre région. Il n’est pas destiné à fournir (i) un conseil en investissement ou une recommandation d’investissement ; (ii) une offre ou une sollicitation d’achat, de vente ou de détention de cryptos/d’actifs numériques ; ou (iii) un conseil financier, comptable, juridique ou fiscal. La détention d’actifs numérique/de crypto, y compris les stablecoins comporte un degré élevé de risque, et ces derniers peuvent fluctuer considérablement. Évaluez attentivement votre situation financière pour déterminer si vous êtes en mesure de détenir des cryptos/actifs numériques ou de vous livrer à des activités de trading. Demandez conseil auprès de votre expert juridique, fiscal ou en investissement pour toute question portant sur votre situation personnelle. Les informations (y compris les données sur les marchés, les analyses de données et les informations statistiques, le cas échéant) exposées dans la présente publication sont fournies à titre d’information générale uniquement. Bien que toutes les précautions raisonnables aient été prises lors de la préparation des présents graphiques et données, nous n’assumons aucune responsabilité quant aux erreurs relatives à des faits ou à des omissions exprimées aux présentes.© 2025 OKX. Le présent article peut être reproduit ou distribué intégralement, ou des extraits de 100 mots ou moins du présent article peuvent être utilisés, à condition que ledit usage ne soit pas commercial. Toute reproduction ou distribution de l’intégralité de l’article doit également indiquer de manière évidente : « Cet article est © 2025 OKX et est utilisé avec autorisation. » Les extraits autorisés doivent être liés au nom de l’article et comporter l’attribution suivante : « Nom de l’article, [nom de l’auteur le cas échéant], © 2025 OKX. » Certains contenus peuvent être générés par ou à l'aide d’outils d'intelligence artificielle (IA). Aucune œuvre dérivée ou autre utilisation de cet article n’est autorisée.

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