Blockchain tracing firm Chainalysis played a key role in a joint investigation that resulted in the freezing of almost $50 million linked to a pig butchering scam. The firm collaborated with Binance, Tether, and OKX on the case, and detailed their actions in blog posts released in 2024. Chainalysis’ Crypto Investigations Solution was instrumental in tracing illicit funds originating from Southeast Asia. The investigation led Tether to freeze approximately $46.9 million of funds. Chainalysis identified nineteen addresses linked to the scam, with its Reactor graph showcasing eight victim wallets that transferred funds between November 2022 and July 2023. The team successfully traced over $63,900 from scammer wallets to victims. This technique is commonly employed by scammers to gain trust by making initial small deposits that appear profitable.