Chinese businessman Wang Yicheng has been implicated in a cryptocurrency investment scam known as pig butchering, according to a Reuters investigation. Wang, who is the vice president of a local Chinese trade group, has developed relationships with members of Thailand’s law enforcement and political elite over the past two years. During that time, a cryptocurrency account registered in Wang’s name received over $90 million, with at least $9.1 million coming from a crypto wallet linked to pig-butchering scams. The scams involve convincing victims to invest in fraudulent crypto schemes through fake websites. Little is known about the people behind these scams, but Wang’s involvement sheds light on the finances. The transactions reviewed by Reuters show the scale of losses suffered by victims, with some losing over $1 million. The scams are difficult to prosecute as they are operated by “ruthless transnational organized crime syndicates.” Many of the scams connected to Wang’s account were run from an industrial park on the Myanmar-Thai border, where workers are trafficked to con people online. Wang, who did not respond to questions, has not been identified as a suspect in any investigation. In an August post, crypto exchange Binance, where Wang’s account was held, said it had seen an increase in pig-butchering scams targeting inexperienced investors. Victims reported losses of $2.6 billion from such scams in the US alone last year.
