By crypto.news | Created at 2024-11-14 12:11:16 | Updated at 2024-11-22 05:15:53
1 week ago
Irish authorities have seized over $3.42 million worth of cryptocurrency, believed to be the proceeds of “pig butchering” scams committed by a Chinese syndicate.
According to a report from the Irish Independent citing an unnamed source, an investigation led by the Garda Síochána has uncovered an international money-laundering operation linked to a Chinese criminal gang, allegedly funnelling proceeds—primarily from online fraud—through Ireland.
Authorities estimate that a significant portion of these proceeds came from pig butchering and social engineering scams.
Pig butchering scams involve grooming victims over time, typically via social media platforms, and being persuaded to invest increasingly larger sums into fraudulent schemes that often involve cryptocurrencies. Through manipulative techniques, the criminals create a relationship of trust, leading victims to believe in the legitimacy of the investments before eventually absconding with the funds.
Investigators, including the Garda Síochána’s DMR East Division, the Criminal Assets Bureau, the Garda National Drugs and Organised Crime Bureau, and Europol, seized over €3.25 million (roughly $3.42 million) in cryptocurrency and €20,000 in cash, along with digital devices and documents during a raid in Blackrock, Dublin.
Two suspects, believed to be a part of the operation, were detained during the raid, which followed an investigation that uncovered suspicious transactions across hundreds of bank accounts in over 15 European countries, suspected to be “money mule” operations.
China and crypto crimes
Cases of Chinese criminals involved in crypto scams have become increasingly frequent, with the Chinese underworld often tied to sophisticated cryptocurrency fraud and laundering networks spanning international borders.
Earlier this year, a Chinese-run scam centre which operated crypto and romance scams was shut down by Philippine authorities. During a raid, authorities arrested 100 individuals involved.
In April a Chinese national was arrested in the UK for defrauding over 130,000 Chinese investors of $5.6 billion between 2014 and 2017, while an accomplice in the operation was sentenced to six years for laundering the loot via cryptocurrencies.
On Nov. 12, Daren Li, a dual citizen of China and St. Kitts and Nevis pleaded guilty to playing a role in laundering roughly $73 million amassed via investment and pig butchering scams.
