US Strike Force Seizes Over $580 Million in Cryptocurrency from Southeast Asian Scammers

The Scam Center Strike Force, a collaborative effort between US government agencies, has made significant progress in combating cryptocurrency scams. According to a recent announcement by the US Attorney's Office for the District of Columbia, the force has frozen and seized over $580 million in cryptocurrency from Southeast Asian crime networks.

The 'pig butchering' scams targeted by the Scam Center Strike Force involve social engineering tactics that encourage victims to purchase cryptocurrency, which is then diverted and seized by scammers. These scams have been particularly prevalent in Southeast Asia, with countries such as Burma, Cambodia, and Laos being hotbeds of scam activity.

While the $580 million in seizures is a notable achievement, experts warn that it represents only a fraction of the total crypto fraud activity. Deddy Lavid, CEO of blockchain analytics platform Cyvers, notes that his company has identified over 27,000 active criminal groups worldwide, with some $27.5 billion in fraud exposure.