Chainalysis, OKX, Tether, Binance, and APAC law enforcement froze US$47 million in scam funds related to pig butchering operations.
Authorities in the Asia-Pacific froze around US$47 million in funds linked to pig butchering scams following a joint investigation by Chainalysis, OKX, Binance, and Tether. The funds were identified and blocked in coordination with regional law enforcement after being traced to wallets connected with a large-scale scam operation.
Pig butchering scams have grown into a global criminal enterprise costing victims billions. Beyond the financial impact, victims are also trafficked and forced to carry out scams under exploitative conditions.
The latest freeze follows a similar case in November 2023, when Tether and OKX worked with the US Department of Justice to freeze $225 million in illicit USDT, which were later seized and burned by the US Secret Service.
Using Chainalysis’ blockchain analysis tools, investigators traced nearly $50 million in illicit transfers across multiple wallets before the funds were frozen at law enforcement’s request in June 2024.
The case underscores how collaboration between exchanges, blockchain intelligence providers, and law enforcement is becoming crucial to dismantling sophisticated crypto-enabled crime networks.
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