US Authorities Freeze $580 Million in Crypto Linked to Chinese Crime Networks

US authorities have made a significant move against global crypto fraud networks, freezing over $580 million in digital assets linked to Chinese crime groups operating 'pig butchering' scams across Southeast Asia.

The operation was led by the US Department of Justice's Scam Center Strike Force, which was established in November 2025 to coordinate investigations into international crypto scams. The task force worked with federal agencies such as the FBI and Secret Service to track down transactions on the blockchain and seize illicit assets.

Pig butchering scams involve long-term social manipulation of victims, who are tricked into investing in fraudulent cryptocurrency companies. These schemes have been linked to organized crime groups in China and Southeast Asia, with victims often contacted via American social media accounts.