Reuters

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

J.Rodriguez3 months ago

An image of Wang Yicheng is seen on the website of the Thai-Asia Economic Exchange Trade Association, in this illustration picture taken September 21, 2023. REUTERS/Florence Lo/Illustration To match Special Report FINTECH-CRYPTO/FRAUD-THAILAND Acquire Licensing Rights

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.

Our Standards: The Thomson Reuters Trust Principles.

Tom Wilson Thomson Reuters

Tom covers crypto companies, regulation and markets from London, focusing through 2022 on the Binance crypto exchange. He has worked at Reuters since 2014, with a previous posting to Tokyo where he uncovered abuses in Japan’s immigration system and won a joint Overseas Press Club award for reporting on the tobacco giant Philip Morris.

Read the full article:https://www.reuters.com/world/crypto-scam-inside-billion-dollar-pig-butchering-industry-2023-11-23/
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