US Seizes $580M in Crypto Linked to Chinese Crime Networks

The US Department of Justice has made a major move against global cryptocurrency scams, seizing over $580 million in digital assets linked to Chinese crime networks operating in Southeast Asia.

According to officials, the funds were seized as part of an ongoing effort to combat global crypto crime, which has seen a significant increase in recent years. The operation was carried out by a newly created Scam Center Strike Force, led by the US Attorney's Office for the District of Columbia.

The seized cryptocurrency is linked to transnational scam groups operating from compounds in Myanmar, Cambodia, and Laos. These groups are allegedly involved in 'pig butchering' investment scams, which involve long-term social manipulation of victims and trick them into investing in fraudulent cryptocurrency companies.