U.S. Department of Justice freezes $701 million in cryptocurrency, uncovers large-scale pig-butchering scam

BlockBeats news. On April 25, the U.S. Department of Justice’s Fraud Center task force, together with law enforcement partners, froze more than $701 million worth of cryptocurrencies related to overseas investment scam schemes by Americans. This is one of the largest single-day law enforcement actions to date against Southeast Asia’s “pig butchering” scam networks. In addition to the asset freeze, a Telegram channel used to recruit job seekers into scam compounds in Cambodia was taken under control; more than 503 fake investment websites were shut down and replaced with law-enforcement warning pages. Federal prosecutors also filed criminal charges against two Chinese citizens, Huang Xingshan and Jiang Wenjie (transliteration). They were charged with alleged involvement in cryptocurrency investment scams by the Shunda Park in Myanmar. The U.S. State Department is offering an additional $10 million reward to collect information related to the Myanmar Taisong scam center.

At present, efforts worldwide to jointly crack down on cryptocurrency scams are being continuously strengthened. The Singapore Police Force launched a one-month special operation during the same period. With the help of trading platforms such as Coinbase and Gemini, as well as analysis firms such as Chainalysis, victims can be identified quickly. Through more than 90 direct interventions, potential losses of more than $2.86 million were prevented. An FBI report shows that in 2025, there were more than 1 million cybercrime complaints, with losses of approximately $21 billion. Authorities in each country are accelerating coordination to dismantle the breeding grounds for cryptocurrency scams.