$580 Million in Crypto Seized from Chinese Crime Networks

The US Department of Justice has announced the seizure of more than $580 million in cryptocurrency linked to Chinese transnational crime networks.

The assets were frozen as part of a coordinated enforcement push against offshore 'pig butchering' operations, which involve scams targeting Americans through social media and text messages.

According to officials, the funds are tied to cryptocurrency investment fraud schemes and confidence scams run by organized crime affiliates in Burma, Cambodia, and Laos.