US authorities seized hundreds of thousands of dollars in cryptocurrency allegedly linked to a Southeast Asian investment scam.
The US Secret Service seized around $500,000 of crypto from an account belonging to Wang Yicheng in June, according to a filing in a federal court in Massachusetts.
According to a previous «Reuters» report that cited US blockchain analysis firm TRM Labs, Wang owned an account that received at least $9.1 million that came from a crypto wallet linked to an investment scam. He is believed to be a Chinese man who has relationships with Thailand’s law enforcement and political elite while serving as the vice president of the Thai-Asia Economic Exchange Trade Association, a Bangkok-based Chinese trade group.
«Pig Butchering»
The type of scam involved is known as «pig butchering» where unsuspecting victims are lured and persuaded into investing in fraudulent crypto schemes.
The latest US filing cited one such example where a Massachusetts resident was cheated into a «pig butchering» scheme that led to crypto being diverted into two accounts, including one in Wang’s name. According to the filing, Wang’s account had received over $90 million since it was opened in 2020.
