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Crypto scam: Inside the billion-dollar ‘pig-butchering’ industry

Fraudulent crypto investment schemes directed from Asia known as “pig butchering” have become a global billion-dollar industry. But little is known about those who benefit. Reuters traced at least $9 million linked to such scams to an account registered to a well-connected representative of a Chinese trade group in Thailand.

At a Thai police headquarters in October 2022, Chinese businessman Wang Yicheng congratulated one of Bangkok’s most senior cybercrime investigators on his recent promotion, presenting the official with a large bouquet of flowers wrapped in red paper and a bow.

Wang, the vice president of a local Chinese trade group, wished the new cybercrime investigator “smooth work and new achievements,” according to the group’s website, which displays photographs of the event.


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