March 27, 2024
Cryptocurrency Seizure: US Secret Service Retrieves $500,000
Latest Cryptocurrency News

Cryptocurrency Seizure: US Secret Service Retrieves $500,000

In June, the US Secret Service confiscated approximately $500,000 in cryptocurrency from an account linked to Wang Yicheng, as disclosed in a filing presented in a federal court in Massachusetts.

As per a prior report by “Reuters,” referencing insights from US blockchain analysis firm TRM Labs, it was revealed that Wang was associated with an account that received a minimum of $9.1 million originating from a cryptocurrency wallet associated with an investment scam. Wang is identified as a Chinese individual with connections to Thailand’s law enforcement and political elite, concurrently holding the position of vice president at the Thai-Asia Economic Exchange Trade Association, a Chinese trade group based in Bangkok.

The fraudulent activity in question is identified as “pig butchering,” a scheme wherein unsuspecting individuals are enticed and convinced to invest in deceptive cryptocurrency schemes.

The recent US court filing highlighted a case where a resident of Massachusetts fell victim to a “pig butchering” scheme, resulting in the diversion of cryptocurrency into two accounts, one of which was under Wang’s name. According to the filing, Wang’s account has received over $90 million since its establishment in 2020.

Image by Sergei Tokmakov, Esq. https://Terms.Law from Pixabay

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