US Charges Two Chinese Nationals in ₱42.35 billion ($700 million) Crypto Scam
Thai authorities arrested two Chinese nationals on immigration charges earlier this year. The US Department of Justice announced wire fraud conspiracy charges against Huang Xingshan and Jiang Wen Jie on April 24 for operating a forced-labor scam compound in Myanmar.
Key Takeaway
Pig butchering losses surged to $7.2 billion as scam operations shift from romance schemes to impersonation fraud.
Thai authorities arrested Huang Xingshan and Jiang Wen Jie on immigration charges earlier this year. The US Department of Justice announced wire fraud conspiracy charges against both men on April 24.
The two ran a scam compound at Shunda in Min Let Pan, Myanmar, where workers conducted pig butchering operations targeting victims worldwide. The Justice Department's Scam Center Strike Force seized the facility in November 2025, finding 8,000 phones and 1,500 computers used to perpetrate the fraud and linking ₱42.47 billion ($701.96 million) in cryptocurrency to money laundering.
US Attorney for the District of Columbia Jeanine Ferris Pirro said cyber-enabled and cryptocurrency investment fraud is among the fastest-growing and most financially devastating forms of cybercrime. She said the Strike Force has taken down more than 500 websites used to steal people's savings. The operation also shut 503 fake investment websites and one Telegram channel with over 6,000 followers used to recruit forced labor.
Cryptocurrency investment fraud losses jumped 24% to ₱435.64 billion ($7.2 billion) in 2025 from ₱350.93 billion ($5.8 billion) in 2024, according to FBI Internet Crime Complaint Center data. The scams have evolved beyond romance fraud to include law enforcement impersonation, investment advice schemes, and lifestyle influencer scams.
Pirro said US law enforcement is working with the Philippine government through FBI and DOJ attachés stationed in Manila. The Strike Force is focusing primarily on Cambodia, Myanmar, and Laos as the three hot spots for scam compound operations, with assistance from JPMorgan Chase, Microsoft, and Meta in disruption efforts. The State Department is offering a ₱605.05 million ($10 million) reward for information on the network.
🇵🇭 Filipino Impact
US law enforcement is coordinating with Philippine authorities through FBI and DOJ attachés in Manila to track scam compound operations. Many Filipino OFWs and crypto users have been targeted by similar pig butchering schemes that use USDT and other stablecoins to move stolen funds. While the Philippines is not currently identified as a major scam hub like Myanmar or Cambodia, the coordination signals increased protection for Filipino victims who report crypto investment fraud.
This article was written based on reporting from Bworldonline.
