A recently formed US Scam Center Strike Force has frozen, seized or moved to forfeit more than $580mn in cryptocurrency tied to transnational fraud networks, marking one of the largest coordinated crackdowns on crypto-enabled 'pig butchering' scams to date.
US Strike Force Seizes $580mn in Crypto Linked to Transnational Scams
1 March 2026 - 19:20 CET
By Sandmark staff
Fake trading platforms
The cases involved fraud operations based primarily in Southeast Asia and linked to Chinese criminal syndicates, according to a 26 Feb statement by the US Attorney’s Office for the District of Columbia, a part of the Department of Justice. The seizures targeted organized groups accused of running investment and romance scams that lured victims into transferring digital assets through fake trading platforms.
'Pig butchering' scams typically involve fraudsters cultivating relationships with victims over weeks or months before persuading them to invest in bogus crypto trading schemes. The scams have expanded globally in recent years, generating billions of dollars in losses for individuals.
Gaining victims' trust
"The scammers target their victims, gain their trust, and convince them to invest in real cryptocurrency, only to then trick their victims to transfer those funds into fake cryptocurrency investment websites and applications," the US Attorney's Office said in the statement. "Workers in the scam compounds often are victims of human trafficking, held against their will, abused and guarded by armed groups."
The Department of Justice said it has coordinated the enforcement effort with the FBI and US Secret Service.
