Five international fraudsters have pleaded guilty in a U.S. court to orchestrating a nearly $37 million cryptocurrency scam targeting American victims. The defendants, operating from 2019 to 2023, used social engineering and deceptive trust-building to lure victims—often via dating apps or social media—into fake investment schemes.
Funds flowed through shell companies and U.S. bank accounts before being converted into stablecoins and funneled to a fraud operation hub in Cambodia. The confession illustrates how crypto crimes increasingly rely on a combination of psychological manipulation and cross-border networks.
Two of the perpetrators face up to 20 years in prison, with the remaining three facing up to five years each. The case highlights ongoing efforts by U.S. authorities to combat “pig butchering” and similar long-con scams by working with international partners.
Victims reported being swindled with promises of high returns, while scammers used fabricated performance dashboards and phony investment credentials. Experts warn that prevention relies on better public education, more stringent KYC rules, and collective scrutiny of digital trust networks.
Law enforcement officials emphasized a shift toward enhanced blockchain forensic tools and global cooperation—crucial developments as crypto’s global nature allows malicious actors to hide behind pseudonymity.
