U.S. Department of Justice: Fraud Strike Force Freezes, Seizes $580 Million in Cryptocurrency Assets

February 27: The U.S. Attorney’s Office for the District of Columbia announced today that the Fraud Center Strike Special Task Force—launched in November 2025—has targeted a Southeast Asian fraud network, freezing and seizing over $580 million in crypto assets. Led by the U.S. Department of Justice (DOJ), the task force includes the FBI, Secret Service, Treasury Department, and other agencies. It focuses on combating transnational scam groups operating in Myanmar, Cambodia, Laos, and neighboring regions. Prosecutor Jeanine Pirro noted the assets will be forfeited via legal proceedings and returned to victims where possible. The so-called “pig slaughter” scam typically uses social engineering to trick victims into purchasing crypto, then controls and transfers funds through fake investment platforms or apps. Interpol previously designated Southeast Asia’s fraud hubs as a global threat. In September 2025, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 19 entities in Myanmar and Cambodia; related fraud activities caused over $10 billion in losses in 2024. Cyvers, a blockchain analytics firm’s CEO, said the $580 million seizure is “substantial” but merely the tip of the iceberg compared to global crypto fraud. The company has identified roughly 27,000 active criminal groups, with potential fraud exposure totaling around $27.5 billion. U.S. officials also noted some Southeast Asian scam networks have ties to organized crime in China. Industry analysts, however, say these networks are increasingly decentralized and hybrid, featuring multinational collaboration and parallel cross-border money laundering.