China has sentenced seven leaders of a massive cross-border “pig butchering” cryptocurrency fraud network to death, signaling an intensified crackdown on cybercrime syndicates operating from neighboring Myanmar.
The Shenzhen Intermediate People’s Court delivered the verdicts, imposing immediate death sentences on five principal figures: Bai Suocheng, Bai Yingcang, Yang Liqiang, Hu Xiaojiang, and Chen Guangyi.
Two other members of the criminal organization received death sentences with a two-year reprieve, along with life imprisonment or fixed-term jail sentences.
These individuals led the notorious “Bai” criminal clan. The syndicate controlled a vast network involved in phone and internet fraud, illegal casinos, and drug trafficking.
Their operations were headquartered in 41 industrial facilities located in Myanmar’s Kokang region, a central point for cross-border criminal enterprises.
“Pig butchering” scams involve building fake romantic or friendly relationships online over weeks or months. Once trust is established, victims are persuaded to invest in bogus cryptocurrency platforms, lured by promises of high returns.
The scammers typically instruct victims to transfer funds, often in stablecoins like USDT. The perpetrators then disappear with the money.
This scam model generated estimated global losses exceeding $75 billion in 2023 alone.
The Bai group was responsible for defrauding victims of approximately $4.1 billion USD (29 billion yuan). Their activities directly caused the deaths of six Chinese citizens, one suicide, and multiple injuries.
Bai Yingcang, one of the condemned leaders, was also implicated in organizing the production of 11 tons of methamphetamine.
The severe sentences are part of a broader Chinese judicial offensive against transnational criminal syndicates based in northern Myanmar. As these frauds have expanded, both the Myanmar and Thai governments have shown increased willingness to cooperate with China on arrests and extraditions.
In 2023, multiple “pig butchering” operations were shut down in Myanmar, leading to the repatriation of Chinese nationals involved in the fraudulent complexes. A separate case in September 2023 saw leaders of the Ming mafia family, another major Chinese syndicate in Southeast Asia, receive lengthy prison sentences or death penalties.
According to research firm Chainalysis, revenues from “pig butchering” scams grew nearly 40% year-over-year in 2024, with the number of deposits to these schemes increasing by almost 210% during the same period.
A separate report indicated that scammers frequently favor Tether’s USDT stablecoin for laundering illicit funds, accounting for 78% of the observed transaction volume.
The recent public trial in China, attended by deputies, political advisors, and relatives of the accused, underscored the government’s priority in combating transnational organized crime.