Schlagwort: crypto business

• Organised crime groups run scam operations from Southeast Asia.
• The US DOJ seized $112 million in crypto linked to these scams in 2023.
• Chainalysis reported scam revenues reached $9.9 billion in 2024.

Pig-butchering scams, once seen as consumer-level fraud, have quietly evolved into a global web of organised crime.

With links to human trafficking, cryptocurrency abuse, and international money laundering, authorities are now viewing these scams as matters of national security.

In a recent Chainalysis podcast, Andrew Fierman, the firm’s head of national security intelligence, and Erin West, a former prosecutor and founder of Operation Shamrock, discussed the evolution of pig-butchering scams.

They painted a chilling picture of how the fraud has transformed from digital deceit to a full-blown transnational crime model.

The scam involves creating trust-based relationships with victims over time, sometimes romantic, sometimes platonic, before luring them into bogus cryptocurrency investments.

Funds are then siphoned through fake platforms and disappear into an opaque crypto network.

Southeast Asian compounds and forced scam labour

Pig-butchering operations are no longer run by isolated hackers. Fierman and West explained that many are now backed by sprawling fraud rings operating across Southeast Asia.

These rings run dormitory-style compounds where trafficked workers, often victims themselves, are forced to operate scam networks.

In 2023, the US Department of Justice (DOJ) seized around $112,000,000 in crypto tied to such schemes.

However, according to Chainalysis, the problem has grown rapidly.

Scam-related revenue in the crypto space exceeded $9.9 billion in 2024, with pig-butchering scams alone increasing by nearly 40% compared to the previous year.

Victims often suffer more than once. After being drained of their initial funds, many receive follow-up messages from fraudulent recovery companies offering to “help” retrieve their lost assets.

These secondary scams use the same tactics, often targeting victims again by using lists sold among fraud rings.

Using blockchain visibility to fight back

While pig-butchering relies on exploiting emotions and trust, the infrastructure often moves through traceable digital rails.

Fierman suggested that this is where blockchain transparency can be turned against the scammers.

By tracking wallet flows and transactions on-chain, regulators, exchanges, and virtual asset service providers (VASPs) can intervene.

This is particularly possible at the point of cashing out, which remains the critical vulnerability for these operations.

Efforts are being made to freeze and reclaim these funds.

In August, a joint action by APAC law enforcement agencies and firms like Chainalysis, OKX, Binance, and Tether resulted in freezing $47,000,000 tied to pig-butchering schemes.

DOJ leads with new task force

The US is treating the matter seriously.

On 12 November, the DOJ announced the launch of a new “Scam Center Strike Force”.

This unit will specifically target transnational crime syndicates linked to Southeast Asia that have engineered these elaborate crypto investment frauds.

The strategy goes beyond arrests.

It involves targeting facilitators of the scam economy, including those offering payment solutions, managing the digital platforms, and providing banking rails.

This approach includes sanctions, indictments, and diplomatic efforts designed to pressure bad actors across borders.

Erin West stated the need to use all available legal and technical tools in this battle.

Disruption at scale, especially across the entry and exit points of crypto fraud, remains the immediate priority for law enforcement.

Common tactics and growing digital risks

The core mechanics of pig-butchering have not changed, even as the scale and coordination have grown.

Scammers still initiate contact over messaging platforms, using charm and emotional manipulation to build trust.

Fast declarations of love, secrecy about personal details, and the push toward investing in a “guaranteed” crypto platform are major warning signs.

These scams often include screenshots showing fake profits to pressure victims into depositing funds.

Once in, victims are encouraged to invest more before being ultimately locked out of the system.

Now, however, these scams sit within a broader framework of crime that merges human exploitation and financial laundering.

Victims are no longer just people who lose their savings.

They are also unknowingly interacting with a global machinery that fuels trafficking and cross-border criminal finance.

The post Crypto romance scams now a national threat, not just consumer fraud appeared first on CoinJournal.

• Cardano price dips 9% as bulls face mounting pressure amid market turmoil.
• ADA’s plunge saw bulls risk crashing below the $0.50 mark.
• Despite the bearish outlook, analysts are upbeat on the longer-term performance for Bitcoin and top altcoins.

Cardano (ADA) has plummeted nearly 9% in the past 24 hours, trading as low as $0.51 on November 14, 2025.

The sharp decline has added significant pressure on bulls, with ADA dropping to near the psychologically vital $0.50 support level.

Losses in close to double-digit figures now see this mark in jeopardy, threatening a dump to lows witnessed in October.

Cardano price falls 9% to near $0.50

As one of the top 10 cryptocurrencies by market capitalisation, Cardano’s native token has mirrored the sector-wide downturn.

In the past 24 hours, this dip has gathered pace amid Bitcoin’s breach below $100,000, with BTC touching $97,000.

For Cardano, the drop from intraday highs of $0.57 to current levels around $0.51 highlights the fragility of recent demand zones at $0.56 and $0.54.

Notably, bears have capitalised on the momentum, extending losses from earlier peaks near $0.60.

Another leg down if bulls fail to hold $0.50 could accelerate selling, potentially seeing ADA revisit year-to-date lows of $0.27.

The altcoin touched the mark on October 10, 2025.

However, the level did serve as a rebound buffer in recent months.

Why did Cardano price fall sharply?

As noted, Cardano’s plunge in the past 24 hours is emblematic of a cascading altcoin rout.

Bitcoin’s dramatic fall below $100,000 for the first time since May had top altcoins shedding gains.

Ethereum dropped 8% to near $3,160, Solana declined nearly 10% to below $143, and XRP shed 8% to under $2.30.

Overall, the market convulsion appears pegged on macroeconomic headwinds, this week getting downside momentum despite the US government shutdown, the longest in history at over 40 days, ending on November 13.

President Donald Trump signed a short-term funding bill to end the impasse, a move that sparked brief optimism.

However, investor jitters quickly resurfaced, with US stocks cratering amid fears over the shutdown’s economic scars.

Mostly, the market is pricing in a collapse in the odds of a Federal Reserve rate cut in December.

Analyst on market outlook

Also, risk-off sentiment saw Bitcoin ETF flows flip negative with $870 million in outflows on Nov. 13, the second-largest so far.

Spot Ethereum ETFs also saw exits, with a total of $260 million net outflows that marked the third consecutive day of outflows for the top altcoin.

While the overall sell-off pressure could see ADA price fall and extend the rot below $0.50, analysts are suggesting a short-term dump followed by sustained gains.

Dragonfly managing partner Haseeb Qureshi contextualised the market outlook. In a post on X, he noted:

“Today’s market is much easier,” citing solid fundamentals and a resilient crypto infrastructure.

TBH this is the easiest bear market I’ve ever seen.

Seems like most of you have forgotten what 2022 was like. Luna collapsing, then 3AC, then FTX, then Genesis, BlockFi, Axie, NFTs–pretty much everything felt like a house of cards.

And then after all that stuff collapsed, the… https://t.co/DUwOZCBG3K

— Haseeb ＞|＜ (@hosseeb) November 14, 2025

Still, short-term consolidation or weakness looms for BTC and altcoins.

If Cardano gets into the mix as has happened so far, a dip below the $0.50 threshold might allow bears to chase $0.27.

Longer-term, though, Cardano’s fundamentals suggest bulls have a shot at regaining the upper hand.

This scenario puts a rebound toward $1 as a base case, with the all-time peak of $3.10 a key target.

The post Cardano price dips 9% as bulls face market turmoil appeared first on CoinJournal.