U.S. Department of Justice Freezes $701 Million in Cryptocurrency, Uncovers Major Pig Butchering Scam

On April 25, the U.S. Department of Justice’s Fraud Center Task Force, in collaboration with law enforcement partners, froze over $701 million in cryptocurrency related to overseas investment scams targeting Americans. This operation marks one of the largest single-day enforcement actions against Southeast Asia’s ‘pig butchering’ networks to date. In addition to asset freezes, a Telegram channel used to recruit job seekers into Cambodian scam hubs was taken down, and over 503 fraudulent investment websites were shut down and replaced with law enforcement warning pages. Federal prosecutors have also filed criminal charges against two Chinese nationals, Huang Xingshan and Jiang Wenjie (phonetic), who are accused of involvement in cryptocurrency investment scams in Myanmar’s Shun Da Park. The U.S. State Department has offered a reward of $10 million for information related to the Myanmar Taichang scam center. Currently, global efforts to combat cryptocurrency fraud are intensifying. The Singapore Police Force has simultaneously launched a month-long operation, leveraging platforms like Coinbase and Gemini, as well as analysis companies like Chainalysis, to quickly identify victims and prevent potential losses exceeding $2.86 million through over 90 direct interventions. An FBI report indicates that in 2025, cybercrime complaints have surpassed 1 million, with losses around $21 billion, prompting authorities worldwide to accelerate coordination to dismantle the breeding grounds of cryptocurrency scams.