The Lemon Fool

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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.

In total, crypto worth more than $90 million flowed into the account between January 2021 and November 2022, according to registration documents and transaction logs reviewed by Reuters. Of that, at least $9.1 million came from a crypto wallet that U.S. 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.

The victim of one of the scams was a 71-year-old California man. He sent money to crypto wallets that channeled more than $100,000 into the account in Wang’s name, according to blockchain analysis company Coinfirm. The man’s family told Reuters he lost about $2.7 million, his life savings, after falling prey to someone claiming to be an attractive young woman called Emma.

The previously unreported transactions provide rare insight into the finances of pig-butchering scams, which involve engaging unsuspecting people online. Scammers cultivate trust and then persuade victims to invest in fraudulent crypto schemes, sometimes via fake websites built to look like legitimate trading platforms. Sometimes the targets initially receive real returns to trick them into believing the scheme is legitimate.

Such scams have drawn intensifying scrutiny from global law enforcement over the past year, but little is publicly known about the people behind them.

https://www.reuters.com/investigates/special-report/fintech-crypto-fraud-thailand/

Cheers,

Itsallaguess

You don't need to go to Asia to find these scammers. One is heading to prison in the US right now. Another from Canada might escape prison with his plea bargain. Numerous others in the UK, South Africa (scammed our cousin in Australia) and other nonshithole countries are less well known.


Why do we still love this idea that if there's a criminal he's not to be found among "us"? I'd bet that the majority of plundered crypto loot has gone to developed-country scumbags. [EDIT: a good portion of it to DSP makers and energy businesses who didn't say "no"].


GS

GoSeigen wrote:Why do we still love this idea that if there's a criminal he's not to be found among "us"? I'd bet that the majority of plundered crypto loot has gone to developed-country scumbags. [EDIT: a good portion of it to DSP makers and energy businesses who didn't say "no"].

GS

I totally agree!

I was going to ignore this thread until I read your post.

Why don't we respond to phone calls informing us that our Amazon prime has gone up to £758 press 1 to cancel.
The ones that inform us "Your" VISA has a fraudulent transaction, without naming who the person who picked up the phone is?
The emails from Lloyds, Barclays, Halifax informing us the same and kindly providing a link to click.

I think that the answer is that those are just a fact of life. Something that you have to be aware of if you have a bank account, a credit card, PayPal account, Amazon subscription etc.

But as many don't bother with crypto they can claim that all such criminality is crypto related and while Lloyds, VISA, Amazon et-al should not be hampered, crypto should be shut down. After all, only the criminals would be hampered and the innocent protected by such actions targeted at crypto rather than VISA.

I wonder just how many have heard of the "panama papers". Nothing to do with crypto, a great deal to do with hidden and criminal financial activity. Often by people in "developed-countries".
Here is a link to the Wiki page on them.
https://en.wikipedia.org/wiki/Panama_Papers

Interestingly, and again not crypto related, it mentions reasons that some might regard as not immoral why attempts might be made to evade the laws of this or that country. Odd isn't it. One might believe that such desires and actions are not common but only happen among the subset who use crypto.

Oh, I can't leave it without drawing your attention to warnings by the Scottish police and various stock brokers specific to equity investment.
https://www.scotland.police.uk/advice-a ... oom-fraud/
https://www.hl.co.uk/help/managing-your ... -room-scam

The man’s family told Reuters he lost about $2.7 million, his life savings, after falling prey to someone claiming to be an attractive young woman called Emma.

As noted above - crypto just another means to offer the gullible fool's gold.

T7 - claiming to be attractive and young - photos available if you click and provide CC details