Global Cybercrime Epidemic: Pig-Butchering Scams Exploit Vulnerable Victims and Flourish Amidst Enforcement Gaps

The phenomenon of “pig-butchering” scams has emerged as a significant cybercrime, exploiting vulnerabilities intensified by the Covid-19 pandemic. These schemes involve creating fraudulent investment platforms and manipulating victims emotionally, often targeting them through social media. Shockingly, these operations are frequently linked to human trafficking networks across Southeast Asia.

Central to these allegations is Wan Kuok-koi, also known as “Broken Tooth,” a former Macau gangster. According to The Wall Street Journal, Wan is believed to be a key figure behind these scams. Despite his alleged connections to organized crime, Wan remains at large, shedding light on the failures of international enforcement efforts.

Named for the analogy of “fattening” victims with trust before “butchering” them financially, pig-butchering scams typically involve scammers posing as friends or romantic partners online. Once trust is established, victims are persuaded to invest in fake cryptocurrency platforms, often losing vast sums of money.

One striking example involved a Kansas banker who embezzled $547.1 million from his own bank to cover his losses. A study by finance professor John Griffin found that criminal networks moved over $75 billion through cryptocurrency exchanges in just four years, with Tether being the most commonly used stablecoin.

“These are large c

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