The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is warning about a significant virtual currency scam called "pig butchering." In this scam, criminals use fake identities and elaborate stories to deceive victims, often persuading them to invest in virtual currency or foreign exchange schemes.

Victims, dubbed "pigs," suffer substantial financial losses, with U.S. law enforcement estimating billions lost. FinCEN urges vigilance and outlines red flags for identifying and reporting suspicious activity, emphasizing the importance of compliance with reporting requirements under the Bank Secrecy Act (BSA)

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