The U.S. has confiscated approximately half a million dollars in digital currency from a Chinese individual identified in a Reuters investigation into crypto-investment fraud based in Southeast Asia. The seizure, carried out by the U.S. Secret Service, involved funds linked to Wang Yicheng, an account holder associated with pig-butchering scams that manipulate victims into investing in fraudulent crypto schemes.
U.S. authorities uncovered the fraudulent activity in June, seizing about $500,000 worth of crypto from Wang’s account. This account, connected to a Massachusetts victim’s initial loss, was spotlighted in a federal court filing in Massachusetts on November 21. A Reuters report had previously identified Wang as a businessman with connections to Thailand’s elite and detailed transactions involving over $90 million in his crypto account, with some funds traced back to pig-butchering scams.
The investigation revealed instances of individuals, including a California resident, falling victim to scams, losing millions of dollars through transactions to crypto wallets associated with Wang’s account. The U.S. court filing corroborated the details provided in the Reuters report, pointing to an account involved in extensive criminal activity, as outlined by U.S. Secret Service Special Agent Heidi Robles.
Wang did not respond to requests for comments, and the Thai police’s Cyber Crime Investigation Bureau declined to offer a statement. Wang was previously associated with the Thai-Asia Economic Exchange Trade Association, although the association claimed no ongoing connection with him, mentioning his departure due to personal reasons and financial dues. The civil forfeiture action aims to acquire seized assets linked to criminal activities, though no criminal charges have been filed by the U.S. Attorney’s Office in Massachusetts. Acting U.S. Attorney Joshua Levy highlighted the use of civil forfeitures in combating crypto fraud, emphasizing the evolving nature of law enforcement in handling cryptocurrency-related crimes.
