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A 68-year-old man in Holmes Co., Ohio lost over $1 million to a sophisticated cryptocurrency "pig butchering" scam. What began as a seemingly innocuous Facebook conversation about hunting evolved into a nefarious scheme promising to finance his dream hunting trip in Africa.
The scam involved a counterfeit app and clandestine meetings in a Lowe's parking lot in Mount Vernon, Ohio. The victim, under the illusion of investing in cryptocurrency, handed over large amounts of cash to a supposed courier. Over a span of several months, he met with the courier five times, parting with a total of $1.3 million.
Initially, his investments seemed to be prospering, at one point allegedly soaring to over $15 million. However, upon trying to withdraw his earnings, the man found himself unable to access his funds. It was then he realized he had been swindled.
The scam was finally exposed when the victim reported the crime to the Holmes County Sheriff’s Office. The FBI took over the ensuing investigation and orchestrated a sting operation. This operation led to the capture of Lin Kai on charges of conspiracy to commit money laundering. Caught red-handed attempting to collect a bag of phony cash, Kai claimed he was unaware of the scheme's chief architects and received $2,000 for each pickup.
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