pig-butchering

According to CoinDesk, the United States is intensifying efforts to combat overseas scams that lure people into sending cryptocurrency.On Wednesday, the U.S. Department of the Treasury announced the establishment of a "Fraud Center Special Operations Group," revealing its latest initiative to combat Myanmar scam groups that deceive Americans with false investments. This special operations group was formed with the participation of the Department of Justice and aims to tackle "pig butchering" scams, which are often orchestrated by large organized crime groups from places like Myanmar. The group is led by the U.S. Attorney for the District of Columbia and plans to mobilize various departments, including the Department of Justice and the Department of the Treasury, to dismantle Southeast Asian transnational criminal enterprises that siphon off large sums of money from Americans.

ChainCatcher news, Song Shijie, the largest off-market financing boss in Beijing, China, who owes 22 million yuan in penalties to the treasury, has handed over nearly 200 million yuan in asset forfeiture settlement to the UK and the US.The UK's National Crime Agency has seized his mansion, apartment, and bank accounts in London, valued at a total of 16.7 million pounds, approximately 161 million yuan, determining that the funds originated from illegal securities trading within China and money laundering in the UK. Song Shijie is also involved in a cryptocurrency scam, with three of his Binance accounts frozen, containing about 10 million dollars in crypto assets. According to a document from a court in Orlando, Florida, at the end of March, he has opted to forfeit claims to avoid criminal charges.

ChainCatcher news, Binance disclosed that in June 2024, following a multi-stakeholder investigation supported by Binance, Chainalysis, and other industry partners, law enforcement in the Asia-Pacific region froze nearly $50 million in illegal funds.In the case, the Chainalysis investigation team utilized blockchain analysis technology to trace the flow of funds related to another active scam network in Southeast Asia. They tracked transactions of dozens of victims from November 2022 to July 2023, identifying a series of integrated wallets controlled by the scammers. The criminals concentrated the funds into a main wallet, which were then distributed to five final wallets via intermediary addresses, collectively holding nearly $47 million USDT. To prolong the scam, the scammers would also return a small amount of funds. After receiving intelligence, the Asia-Pacific law enforcement instructed the stablecoin issuer to freeze the funds in June, and investigators acted swiftly to prevent the conversion of the illegal proceeds.

ChainCatcher news, according to the cryptocurrency exchange platform Coinbase, stated on Tuesday that the company "played a key role" in the U.S. Secret Service's action to seize approximately $225 million in "stolen" crypto assets.This case dates back to 2023. Last week, the U.S. Secret Service, the Federal Bureau of Investigation (FBI), and the U.S. Attorney's Office jointly filed a seizure application to confiscate about $225 million in cryptocurrency from suspected fraudsters. As early as December 2023, Tether had frozen approximately $225 million worth of USDT, which was believed to be stored in self-custody wallets and was suspected to be linked to a human trafficking gang involved in "pig butchering" romance scams.As one of the largest crypto companies in the U.S., Coinbase stated that it assisted in tracking the on-chain flow of these stolen funds and helped identify victims eligible for compensation. U.S. Secret Service Special Agent in Charge Shawn Bradstreet stated last week that this operation is "the largest cryptocurrency seizure case in Secret Service history." The U.S. Department of Justice also expressed gratitude for Tether's active cooperation in this investigation.

ChainCatcher news, Binance announced on platform X that it assisted the San Diego FBI in cracking a pig butchering case. Binance's investigation and case team helped uncover clues and seized $2.5 million for the victims.