Former President Trump introduced “The DeFiant Ones” cryptocurrency scheme on Thursday but provided little information.

“Big banks and financial elites have squeezed average Americans for too long. “It’s time we take a stand — together,” the former president posted on Truth Social, pointing to the “Trump DeFi project” Telegram channel.

The Eastern District of North Carolina U.S. Attorney's Office seized approximately $5 million in bitcoin related to investment fraud in Raleigh on Thursday.

Police recovered tether, a cryptocurrency tethered to the U.S. dollar, which was related to a complicated “pig butchering” hoax money laundering operation. “Americans are losing their life savings to investment frauds as funds are rapidly transferred to cryptocurrency accounts overseas,” U.S. Attorney Michael Easley said.

Criminals create phony romantic connections with victims to earn their confidence and convince them to invest in bitcoin platforms that seem real. These platforms present fake earnings to attract investors. Victims cannot withdraw their cash and are typically invoiced for taxes or penalties.