The US Secret Service has seized approximately $500,000 in digital currency as part of its efforts to combat crypto investment fraud. The funds were confiscated from an account belonging to Chinese businessman Wang Yicheng, who has been linked to fraudulent crypto schemes originating from Southeast Asia. This action highlights the increased vigilance against “pig butchering” scams, which involve deceiving online contacts into investing in fake crypto ventures.

Wang, who is connected to Thailand’s aristocratic circles, had over $90 million worth of transactions linked to his account. US blockchain analysis firm TRM Labs found that at least $9.1 million of these transactions were connected to pig butchering schemes. Wang is believed to have connections to influential political figures and Thailand’s law enforcement through his role as vice president of the Thai-Asia Economic Exchange Trade Association.

An investigation revealed that a California resident who was robbed of $3 million had their money transferred to an account linked to Wang. The account’s level of activity suggests that it is under the control of a criminal group. Wang has not responded to the accusations, and the Cyber Crime Investigation Bureau of the Thai police has declined to comment.

The pig butchering scam combines investment schemes, romance scams, and cryptocurrency fraud. It originated in Southeast Asia and involves a network of bitcoin con artists targeting victims on social media and dating websites. The Chainalysis 2023 Crypto Crime Report states that $5.9 billion was lost to cryptocurrency scams in 2022. From January 2021 to June 2022, over 46,000 people reported losing over $1 billion in cryptocurrency to various frauds.