- US authorities seize $500M in crypto linked to Southeast Asia’s “Pig Butchering” scam.
- Wang’s $90M crypto empire revealed, uncovering connections and victims.
- Real victim stories emerge as the US takes action against the elusive “Pig Butchering” scheme.
The United States has successfully seized digital currency amounting to approximately $500 million linked to a crypto-investment scam originating from Southeast Asia. The operation targeted Wang Yicheng, a Chinese businessman identified in a recent Reuters investigation. The fraudulent scheme, known as “pig butchering,” involved manipulating individuals online to invest in fictitious cryptocurrency projects.
Seizure Details:
US authorities, specifically the Secret Service, executed the seizure in June, intercepting funds from an account registered under Wang Yicheng’s name. At the time, the cryptocurrency held in the account amounted to $500,000, and it was traced back to a victim in Massachusetts who had fallen prey to the scam.
Wang Yicheng’s Connections:
Wang Yicheng, as revealed by Reuters, had established connections with members of Thailand’s law enforcement and political elite while serving as the vice-president of the Thai-Asia Economic Exchange Trade Association. The article sheds light on Wang’s involvement and the significant sums flowing into his cryptocurrency account, totaling more than $90 million over recent years.
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Victims’ Stories:
The report details the unfortunate experiences of victims, including a California man defrauded of $2.7 million and a resident of Cambridge, Massachusetts, who lost approximately $478,000 in cryptocurrency. Both cases involved funds being channeled into cryptocurrency accounts linked to Wang Yicheng.
Criminal Organization Involvement:
According to the affidavit by US Secret Service Special Agent Heidi Robles, the activity in Wang’s account indicates control by a criminal organization, suggesting its use for laundering stolen funds. Despite numerous attempts, Wang did not respond to requests for comments, and the head of the Thai police’s Cyber Crime Investigation Bureau refrained from providing any statements.
Thai-Asia Economic Exchange Trade Association’s Response:
The trade group, Thai-Asia Economic Exchange Trade Association, dissociated itself from Wang Yicheng, stating that his business and personal affairs were unrelated to the association. The group clarified that Wang was no longer part of their organization, and they had severed ties with him more than three months ago.
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Legal Proceedings:
The US court filing, part of a civil forfeiture action, seeks court approval to take possession of seized assets allegedly linked to the crypto-fraud. Despite the absence of a criminal action, Acting US Attorney Joshua Levy in Massachusetts emphasized the government’s commitment to adapting and evolving law enforcement strategies in response to cryptocurrency fraud schemes.
As law enforcement continues to grapple with cryptocurrency crimes, the recent seizure of $500 million highlights the persistence in pursuing those involved in fraudulent activities. The case serves as a stark reminder of the need for vigilance in the crypto space, and authorities are adapting to counter the elusive nature of these transactions.
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