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How “pig butchering” scams have emerged as a billion-dollar crypto industry

Thomson Reuters

Regulators are finding more evidence of widespread "pig butchering" scams in the crypto industry that are leaving a trail of fleeced victims behind

Over the past two years, Chinese businessman Wang Yicheng has forged relationships with members of Thailand’s law-enforcement and political elite. During that time, a cryptocurrency account registered in Wang’s name was receiving millions of dollars linked to a type of cryptocurrency investment scam known as pig butchering.

In total, crypto worth more than $90 million flowed into the account between January 2021 and November 2022, and at least $9.1 million came from a crypto wallet that US blockchain analysis firm TRM Labs said was linked to pig-butchering scams. Two other major crypto-tracking firms also said the account received funds linked to such scams.


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