The United States has seized digital currencies worth about half a million dollars from the registered account of a Chinese man who appeared in a Reuters investigation into cryptocurrency investment fraud from Southeast Asia.
US authorities said the scam that led to the seizure involved a cryptocurrency investment scam known as pig slaughter. In such schemes, scammers manipulate people they meet online, convincing them to invest in fake crypto schemes.
The US Secret Service confiscated cryptocurrency from an account in the name of Wang Yicheng in June, according to a document submitted by the US authorities to the federal court in Massachusetts.
The value of the cryptocurrency was about 500 thousand dollars at that time.
