China's Unexpected Crackdown on 'Pig Butchering' Leaves Everyone Surprised.

TL;DR Summary
Chinese scammers operating from Southeast Asia are engaging in a fraudulent scheme known as "pig butchering," where they establish fake relationships with individuals worldwide and convince them to make bogus investments. By creating the illusion of growing investments, the scammers manipulate victims into sending more money before disappearing.
China Unleashes Crackdown on 'Pig Butchering.' (It Isn't What You Think.) The Wall Street Journal
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