US seizes $580M in crypto from Southeast Asian scams
6.8 Security US authorities seized $580M in crypto from Southeast Asian scam networks using "pig butchering" tactics. Officials aim to return the funds to victims.
US authorities have seized over $580 million in cryptocurrency linked to Southeast Asian scam networks, marking a significant escalation in the fight against international crypto fraud. The operation was led by the Scam Center Strike Force, a task force established in November 2025, which brings together multiple government agencies to target transnational criminal organizations. These groups, often based in Myanmar, Cambodia, and Laos, employ "pig butchering" tactics—building trust with victims online before convincing them to invest in fraudulent crypto schemes. Victims are persuaded to buy legitimate digital assets and transfer them to fake trading platforms controlled by the scammers. Annual losses to Americans from such scams are estimated at nearly $10 billion. Authorities plan to forfeit the seized funds through legal channels and return them to victims whenever possible.
