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Chinese Businessman’s Cryptocurrency Account Linked to Multimillion-Dollar Pig-Butchering Scams in Southeast Asia

CryptoChinese Businessman's Cryptocurrency Account Linked to Multimillion-Dollar Pig-Butchering Scams in Southeast Asia

In October 2022, Chinese businessman Wang Yicheng, Vice President of a local trade group, congratulated a senior Thai cybercrime investigator on his promotion, forming ties with Thailand’s law enforcement and political elite. During this period, a cryptocurrency account under Wang’s name received over $90 million linked to pig-butchering scams. The scams, involving online deception, have become a multibillion-dollar criminal activity globally.

Victims, including a California man who lost $2.7 million, fell prey to deceptive online personas like “Emma.” Pig-butchering scams, originating in China, are now orchestrated by criminal organizations in Southeast Asia, often using trafficked labor. These cases are challenging to prosecute due to the involvement of ruthless transnational crime syndicates.

Wang’s crypto account, held at Binance, received funds from various scams, with $87.5 million transferred to nearly 50 other wallets, including regionally based crypto exchanges. Despite China’s recent crackdown on cyber scams in collaboration with Thailand and Myanmar, the challenges of prosecuting such crimes persist. The Wang-registered account’s activity abruptly ceased on November 3, 2022.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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