US Authorities Seize $580M in Crypto Linked to Chinese Crime Networks

US authorities have made significant strides in combating global cryptocurrency crime with the recent seizure of over $580 million in illicit digital assets.

The operation, led by the US Department of Justice's Scam Center Strike Force, targeted Chinese crime networks behind 'pig butchering' scams that have affected Southeast Asia. These scams involve long-term social manipulation of victims, who are tricked into investing in fraudulent cryptocurrency companies through online relationships.

The seized funds are believed to be linked to organized crime groups operating from compounds in Myanmar, Cambodia, and Laos, which often use American social media accounts to contact victims.

According to reports, similar scams cost Americans nearly $10 billion every year, making 'pig butchering' one of the fastest-growing financial crimes in the digital asset sector. The recent seizures are part of a broader effort by authorities to combat global crypto crime through international collaboration and monitoring tools for blockchain.