🚨 $44B “Pig-Butchering” Scam Exposed - 🕵️♂️ Real Case.
ProPublica reports that Asian crime syndicates conducting “pig‑butchering” scams —romance and investment cons-are now defrauding victims of over $44 billion a year, laundering funds through U.S. bank accounts rented via Telegram and wiring to crypto wallets.
👀 Modus Operandi:
■Victims groomed via WhatsApp/Telegram
■Bank accounts fraudulently opened (no ID!)
■U.S. dollars wired → converted to crypto → laundered overseas
🧨 Real Case:
■Brian Maloney Jr. is shocked to receive a lawsuit accusing his Boston truck repair shop of crypto fraud.
■Boston’s Middlesex Truck & Coach was blindsided when scammers opened a JPMorgan Chase Bank account in their name to launder $133K. They don’t even use crypto.
■Maloney learns JPMorgan Chase let someone open an account in the company’s name—without ID—which scammers used to launder funds.
■ The fake account was used to receive and launder stolen funds from crypto scam victims, as part of a global $44B/year crypto scam network, known as “pig-butchering.”
■Ongoing Civil Law proceedings: there’s no follow-up reporting—such as court filings, settlements, or verdicts—available yet.
🚩 Red Flag: New online romance + crypto pitch = run.
📉 Time for banks and crypto firms to tighten AML checks.
🔍 ProPublica’s latest exposé reveals major flaws in financial regulation, exposing serious gaps in anti-money-laundering (AML) controls. It raises urgent questions about the accountability of banks and crypto platforms—and their ability to detect and prevent large-scale fraud.
