$36.9M crypto “pig butchering” scam exposes global fraud network

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The US Attorney’s Office reports that Jingliang Su was part of an international criminal group operating a high-yield crypto investment scam, commonly known as a “pig butchering” scheme. Victims were misled into believing their digital asset investments were growing while their funds were stolen and laundered internationally.

Authorities traced $36.9 million in stolen funds flowing from US bank accounts to the Bahamas and then into digital wallets in Cambodia, where co-conspirators distributed the money across the region.

The case underscores a rising trend: high-yield investment programs (HYIP) and pig butchering scams accounted for significant losses in 2025, with Chainalysis estimating more than $17 billion in global crypto fraud that year.

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17 billion lost to crypto fraud in one year is insane, no wonder regulators are cracking down