Reputable financial institutions have reportedly served as stations in the multistep money laundering process that transports funds from US scam victims to crime syndicates in Asia.
ProPublica reports that Asian crime syndicates behind pig butchering scams tap on the services of financial titans like Bank of America, Chase, Citibank, HSBC and Wells Fargo, along with many other U.S. and foreign lenders, to convert the proceeds of their illicit operation into crypto.
Pig butchering, a scheme in which scammers build a relationship with their targeted victims to financially exploit them, siphons some $44 billion per year. Chinese gangs that operate in prison-like compounds in Cambodia, Laos and Myanmar often carry out this scam.
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The report says that black market bank accounts are thriving because of this
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