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Major US banks are reportedly being exploited by Asian crime syndicates to launder billions from pig butchering scams. The illicit funds are converted into crypto before being sent overseas. This highlights vulnerabilities in traditional banking systems.
- Pig butchering scams generate $44B annually, exploiting victims through fraudulent relationships.
- Major US banks facilitate money laundering by converting stolen funds into crypto for overseas transfer.
- Black market bank accounts are rented via Telegram, enabling scammers to move illicit money.
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