Irish authorities seize $3.4m in crypto linked to Chinese ‘pig butchering’ scams

Irish authorities have seized $3.42 million worth of cryptocurrency believed to have been obtained from a “pork butchering” scam run by a Chinese syndicate.

An investigation led by the Garda Síochána has uncovered an international money laundering operation linked to a Chinese criminal gang, according to a report by the Irish Independent citing an unnamed source; Proceeds – primarily from online fraud – are allegedly being transferred through Ireland.

Authorities estimate that a significant portion of these revenues come from pig slaughter and social engineering scams.

Pig slaughter scams involve grooming victims over time, often through social media platforms, and persuading them to invest increasingly larger sums in fraudulent schemes often involving cryptocurrencies. Criminals create a relationship of trust through manipulative techniques, making victims believe in the legitimacy of the investments before running away with the funds.

Investigators, including the Garda Síochána’s DMR Eastern Division, the Criminal Assets Bureau, the Garda National Drugs and Organized Crime Bureau and Europol, recovered €3.25 million (about $3.42 million) worth of cryptocurrencies and €20,000 along with digital devices. seized cash. Documents during a raid in Blackrock, Dublin.

Following an investigation that uncovered suspicious transactions in hundreds of bank accounts in more than 15 European countries in what is suspected to be a “money mule” operation, two suspects believed to be part of the operation have been detained.

China and crypto crimes

Cases of Chinese criminals being involved in crypto scams have become increasingly frequent as the Chinese underworld is often linked to sophisticated cryptocurrency fraud and money laundering networks that span international borders.

Earlier this year, a Chinese-run scam hub running crypto and romance scams was shut down by Philippine authorities. During the raid, authorities arrested 100 people involved.

In April, a Chinese national was arrested in the UK for defrauding more than 130,000 Chinese investors of $5.6 billion between 2014 and 2017, while an accomplice of the operation was sentenced to six years in prison for laundering the loot through cryptocurrencies.

On November 12, China and St. Daren Li, a dual citizen of St. Kitts and Nevis, pleaded guilty to charges that he played a role in laundering approximately $73 million obtained through investment and hog slaughter fraud.