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America establishes an "Attack Force" against cryptocurrency fraud related to China.
The Department of Justice, FBI, and Secret Service of America have just established a Cryptocurrency Anti-Phishing Task Force to dismantle networks of scams related to Chinese organized crime. According to lawyer Jeanine Pirro, Americans lose about 9 billion USD each year due to “pig-butchering” schemes, where scammers impersonate investors to lure victims into transferring money to fake cryptocurrency exchanges. The money is then laundered and transferred outside of American territory.
These activities mainly take place in Southeast Asia, where many workers are trafficked and forced to participate in “phishing camps.” The task force has seized over 401 million USD in electronic money, shut down the Tai Chang center in Myanmar, and cooperated with the Thai police to dismantle hotspots like KK Park. America asserts it will prosecute transnational crimes and reimburse the victims.