Case study · Pig-butchering / romance scam
USDT recovery after a romance scam routed through Ishtar FX
Client identity protected. The broker, the methods and the result are real.
Ishtar FX
Pig-butchering / romance scam
$61,500
Cash-out point identified — recovery in progress
Over four months, a retiree was guided into “crypto trading” by someone she met online. The funds were funnelled into an account at Ishtar FX.
What we found
Ishtar FX showed every hallmark of a fraudulent operation — no verifiable licence and a withdrawal process designed to extract more deposits. On-chain analysis followed the USDT through a layering pattern to a consolidation wallet with an active balance.
What we did
We documented the romance-scam typology and the on-chain trail, then engaged the exchange controlling the cash-out wallet with a formal recovery request and law-enforcement referral.
The outcome
The consolidation wallet was identified and reported while it still held assets, and the recovery process is ongoing with the receiving platform.
Amounts are rounded and identifying details are altered to protect client confidentiality. Recovery outcomes vary case by case and are never guaranteed.
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