To make money in the crypto world, you must first learn how to not lose money. The recent transnational scam case cracked by Thai police serves as a grim lesson, perfectly illustrating the most rampant cryptocurrency scams today. What many perceive as high-return investment opportunities are actually meticulously designed ‘pig butchering’ scams, devouring your assets bit by bit through fake investment platforms. This isn’t just news; it’s a wake-up call for all investors. This article will take you deep into the case, deconstruct the criminal methods of the fraud rings, and summarize five key features to help you develop a discerning eye and protect your hard-earned money before stepping into cryptocurrency investment.
The shocking aspect of this case is that it’s not just a simple investment scam but also involves internationally wanted criminals and a vast money laundering network, highlighting the complexity and severity of modern transnational fraud.
It all started on social media. In April 2024, a Thai female teacher met a netizen on Facebook claiming to be an investment expert from a ‘Singaporean fund’. This ‘expert’ used the lure of high profits to guide her to download a fake investment app called ‘M-DAQP’. To bait the victim, the scam group initially allowed her to successfully withdraw 57,900 THB, thereby building trust. The teacher, believing it to be true, invested her life savings of 1.5 million THB within just 16 days, only to find her funds frozen and her money gone. Upon further investigation, the police discovered that the scam group used cryptocurrency wallets for money laundering. The female suspect, surnamed Wu, had transactions in her accounts amounting to a staggering $18.4 million USD (approximately 618 million THB), and was linked to at least 63 similar ‘pig butchering’ cases.
When Thai police raided a luxury villa in Pattaya, they not only arrested the main suspect, Wu Di, but also unexpectedly found that her boyfriend, Zhou Zongyong, was a fugitive on INTERPOL’s Red Notice list. Police seized multiple passports at the scene, which were used to register numerous cryptocurrency accounts for easy movement and money laundering in Thailand, Malaysia, China, and other places. Although the suspect Wu claimed to be a businesswoman in ‘concert ticket e-commerce,’ photos on her phone told a completely different story—tables piled with cash, expensive luxury cars, and even images of suspected drug use. More shockingly, her boyfriend, Zhou Zongyong, was not only involved in a kidnapping and extortion case in Cambodia but was also a key figure in an international scam group’s money laundering network, specializing in handling the illegal fund transfers for telephone scam centers.
Want to understand the complete operational model of a pig butchering scam? Refer to our in-depth analysis article, which breaks down every step of the scammer’s playbook from the source.
The Resurgence of Cross-Border Pig Butchering Scams: The Financial Trap Behind High-Return Investments
This case in Thailand is a typical ‘Pig Butchering Scam.’ This type of cryptocurrency fraud combines online dating with fake investments. Scammers refer to their victims as ‘pigs,’ the process of building an emotional relationship as ‘fattening the pig,’ and when the time is right, they induce the victim to invest a large sum of money before disappearing with it—this final stage is called ‘slaughtering the pig.’
Scammers typically target individuals with a certain financial standing who are seeking emotional connection on major social media platforms or dating apps. They use stolen photos of attractive people to pose as successful elites. By showing daily care and concern and sharing life details, they build deep trust and an emotional bond with the victim. This phase can last for weeks or even months, with one single goal: to make you completely let down your guard.
Once the relationship is stable, the scammer will casually mention they have ‘insider information’ or are making a lot of money through a certain platform and invite you to join. They will guide you to download a seemingly professional fake trading app and instruct you on how to operate it. Initially, they will let you invest a small amount and see high returns on paper in a short time, even allowing you to successfully withdraw some profits. This ‘withdrawal’ action is the final blow to break down your defenses, making you believe the platform is real and reliable. When you’ve had a taste of success and decide to invest your life savings, it’s time for the ‘slaughter.’ You’ll suddenly find that you can’t withdraw your funds, and the ‘lover’ who was with you day and night vanishes into thin air.
From this Thai case and countless other recent examples, we have summarized the five most common features of cryptocurrency scams. If you sense any of the following during an investment process, hit the brakes immediately.
| Scam Feature | Scammer’s Tactics Explained |
|---|---|
| Feature 1: Guaranteed Profits, High Returns | They use phrases like ‘guaranteed principal,’ ‘insider news,’ or ‘exclusive analyst team,’ claiming monthly returns of 30% or more. |
| Feature 2: Unidentified Apps or Trading Platforms | Cannot be found on official app stores (Google Play, App Store) and can only be downloaded via a link or QR code provided by the scammer. The interface often mimics well-known exchanges, but the URL may have slight spelling differences. |
| Feature 3: Allowing Small Initial Profits | To ‘bait the hook for a bigger fish,’ they allow you to successfully withdraw funds a few times initially to lower your guard and entice you to invest larger amounts. |
| Feature 4: Refusing or Delaying Withdrawals with Various Excuses | When you try to withdraw a large amount, the platform will refuse with excuses like ‘system maintenance,’ ‘a security deposit or tax is required,’ or ‘your account is suspected of money laundering,’ and may even freeze your account directly. |
| Feature 5: Combining Romance or Friendship to Break Down Defenses | This is the core technique of the ‘pig butchering scam.’ The scammer exploits your emotional vulnerabilities, leading you to make investment decisions based on trust rather than rational judgment. |
After reading these shocking cases, it doesn’t mean you should avoid cryptocurrencies altogether. The line between real investment and fraud is thin, and that line is ‘compliance’ and ‘security.’ To navigate the crypto space safely, the first task is to choose a reputable and secure cryptocurrency exchange that is strictly regulated. These platforms typically have the following characteristics:
Before investing any money, taking the time to do your homework is far more important than regretting it later. Never trust any unknown platform recommended by a netizen.
Don’t know how to choose a safe and compliant exchange? We have compiled a guide to SFC-regulated platforms in Hong Kong, comparing everything from fees to security.
[2025 Hong Kong Cryptocurrency Exchange Recommendations] The Ultimate Guide to SFC-Licensed Platforms: A Full Comparison of Fees, Security, and Coin Buying Processes
Regarding cryptocurrency scams, we’ve compiled a few of the most common questions from investors to help clear up any confusion.
Please remain calm and immediately take the following three steps:
Stop investing any more money: Don’t fall for any more of the scammer’s lies about needing to ‘pay a deposit to unfreeze’ your account.
Preserve all evidence completely: Including screenshots of conversation records, the other party’s profile page, the fake investment platform’s URL or app interface, and all financial transaction records (cryptocurrency transfer records, bank remittance slips), etc.
Report to the police immediately: Report to your local law enforcement or anti-fraud agency immediately with all the evidence you’ve gathered.
Cryptocurrency itself is a digital asset based on blockchain technology; it is not a scam. However, because of its decentralized, anonymous, and cross-border transaction features, it has become a favored tool for scam groups. Just as cash can be used for illegal transactions, cash itself is not illegal. Therefore, the key is not cryptocurrency itself, but ‘how’ and ‘through what channels’ you invest. By choosing legitimate, regulated channels, cryptocurrency remains a viable emerging investment option.
There are several channels you can use for cross-verification:
Check regulatory information: Go directly to the official websites of national financial regulatory agencies to see if the exchange is on their list of regulated entities.
Consult authoritative review sites: Websites like CoinMarketCap and CoinGecko provide rankings, trading volumes, and security scores for major exchanges.
Review community feedback: Search for user reviews of the exchange on social platforms like Twitter and Reddit, but be careful to distinguish between genuine users and paid shills.
Confirm the website’s authenticity: Always access the exchange through its official website or official social media channels to avoid clicking on fake phishing sites from search engine results.
The transnational scam case in Thailand reminds us once again that the investment market is always accompanied by risk, especially in the still-developing regulatory landscape of cryptocurrency. Scammers’ methods are constantly evolving, from simple fake websites to sophisticated ‘pig butchering scams’ that exploit human weaknesses, making them difficult to guard against. But no matter how they change, all cryptocurrency scams are built on the foundations of ‘greed’ and ‘gullibility’.
As smart investors, we must always remain vigilant and abandon any unrealistic fantasies of ‘getting rich overnight.’ Before making any investment decisions, conduct thorough research, analyze rationally, and choose legal and compliant trading channels. Remember, the first line of defense for protecting your assets is always your own independent judgment.
