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War on scams: Record crypto seizures, explosive raids, but political theatre gets in the way
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Members of Myanmar’s military standing next to Starlink devices seized during a raid on the KK Park online scam centre in Myawaddy, Myanmar on Oct 20.
PHOTO: AFP
- South-east Asia-based "pig-butchering" scam syndicates operate on a massive scale with modern-day slave labour, generating huge profits despite crackdowns.
- China's crackdown pushed scam syndicates towards new targets, including the USA, which saw a 66% increase in losses, reaching $10 billion in 2024.
- US Department of Justice established "Scam Center Strike Force" to combat online scams, recognising it as a national and homeland security problem.
AI generated
BANGKOK – It is a sobering thought: The sheer scale, staying power and callous profitability of the global “pig-butchering” scam syndicates – headquartered in South-east Asia and built on modern-day slave labour – are such that even the largest-ever criminal asset forfeiture could barely make a dent.
The US Department of Justice’s seizure of around US$15 billion (S$19.6 billion) worth of Bitcoin was arguably the most eye-catching component of a landmark convergence of criminal charges, sanctions and regulatory measures announced on Oct 14.
