How ‘pig butchering’ scams have emerged as a billion-dollar crypto industry

Crypto fraud has emerged as a multi-billion-dollar criminal speciality that has entrapped victims around the world. — Photo by Jared Brashier on Unsplash

At a Thai police headquarters in October 2022, Chinese businessman Wang Yicheng congratulated one of Bangkok’s most senior cybercrime investigators on his recent promotion, presenting the official with a large bouquet of flowers wrapped in red paper and a bow.

Wang, the vice president of a local Chinese trade group, wished the new cybercrime investigator “smooth work and new achievements”, according to the group’s website, which displays photographs of the event.