She Zhijiang, a 41-year-old Chinese national, led one of Southeast Asia’s largest pig butchering scam operations involving fraudulent cryptocurrency investments, defrauding thousands over a decade. Extradited to China from Thailand in 2025, he faces charges for fraud, illegal gambling, and human trafficking in scam hubs like Shwe Kokko, Myanmar.
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She Zhijiang’s empire spanned online gambling and crypto fraud centers in Cambodia and Myanmar, sanctioned by the US and UK for human rights abuses.
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His Yatai company developed Shwe Kokko into a front for pig butchering scams, where victims are lured into fake crypto platforms.
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Over 100,000 people reportedly trafficked into scam factories, generating billions in illicit crypto transfers, per US Treasury estimates.
Discover how She Zhijiang’s extradition exposes Southeast Asia’s crypto scam networks. Learn about pig butchering tactics and global efforts to dismantle them—stay informed to protect your investments today.
What is the She Zhijiang Pig Butchering Scam and Its Impact on Crypto Investors?
The She Zhijiang pig butchering scam refers to a sophisticated fraud scheme orchestrated by the Chinese businessman, targeting victims through fake cryptocurrency investment platforms in Southeast Asia. Over the past decade, Zhijiang allegedly built a network of scam centers that defrauded thousands, primarily from China, the US, and Europe, by building trust online before vanishing with funds. His extradition to China in 2025 marks a key victory in international efforts to curb these crypto-related crimes, which have siphoned billions from the digital asset space.
How Did She Zhijiang Build His Crypto Fraud Empire in Southeast Asia?
She Zhijiang, born in 1982 in rural Hunan province, China, dropped out of school at 14 and taught himself computer programming, skills that later fueled his illicit ventures. By his early 20s, he relocated to the Philippines to enter the online gambling sector, which was prohibited in China. In 2014, a Chinese court convicted him for operating an illegal lottery, but this did not deter his expansion. Zhijiang shifted focus to Southeast Asia, establishing operations in Cambodia and Myanmar—countries where he reportedly holds citizenship, according to US Treasury reports.
His company, Yatai International Holding Group, played a central role in developing Shwe Kokko, a Myanmar town near the Thai border. Marketed as a luxury eco-city for Chinese tourists, Shwe Kokko concealed scam factories involved in pig butchering operations. These schemes involve scammers, often trafficked workers, posing as romantic interests or financial advisors online to convince victims to invest in bogus cryptocurrency exchanges. Once funds are transferred, the platforms disappear, leaving investors with massive losses.
The US Treasury Department sanctioned Zhijiang and Yatai in 2020 for enabling human rights abuses, including forced labor in these crypto scam hubs. The United Kingdom followed with similar measures in 2021, targeting financial flows and corporate entities linked to the operations. Despite these actions, Zhijiang’s network reportedly generated over $1 billion annually through fraudulent crypto transactions, per estimates from the United Nations Office on Drugs and Crime. In a 2023 interview with BBC reporters while detained in Thailand, Zhijiang denied direct involvement in scams, stating that Shwe Kokko was “open to anyone” and that Yatai focused on legitimate development. However, evidence from international investigations, including Interpol alerts, contradicted his claims, highlighting his oversight of the fraud ecosystem.
Thai authorities arrested Zhijiang in 2022 following an Interpol red notice from China. After a prolonged legal battle, a Thai court approved his extradition in early 2025, leading to his handover at Bangkok’s airport under heavy security. This move concludes years of diplomatic pressure from Beijing, which filed multiple fraud and gambling charges against him.
Frequently Asked Questions
What Role Did Crypto Play in She Zhijiang’s Pig Butchering Scams?
Cryptocurrency was central to She Zhijiang’s operations, serving as the primary vehicle for laundering and extracting funds. Scammers directed victims to fake exchanges promising high returns on digital assets like Bitcoin and Ethereum, resulting in irreversible transfers. According to reports from the Chainalysis blockchain analytics firm, these scams accounted for nearly 20% of global crypto fraud losses in 2024, totaling over $4 billion.
How Can Investors Avoid Pig Butchering Scams Linked to Southeast Asia?
To protect against pig butchering tactics, always verify investment platforms through reputable sources like official regulatory bodies such as the SEC or FCA. Be wary of unsolicited online relationships pushing crypto deals, and use hardware wallets for secure storage. If contacted by someone building quick trust for financial advice, pause and consult a licensed advisor—early detection can prevent devastating losses from these human-trafficking-fueled frauds.
Key Takeaways
- Global Crackdown on Crypto Scams: She Zhijiang’s extradition underscores intensified international cooperation, with sanctions disrupting billions in illicit crypto flows from Southeast Asian hubs.
- Human Trafficking in Fraud Networks: Scam factories like those in Shwe Kokko force over 100,000 workers into 17-hour shifts, using violence to enforce pig butchering schemes targeting crypto investors.
- Investor Vigilance Essential: Recognize red flags like rapid trust-building online and unverified crypto platforms; report suspicions to authorities like Interpol to aid in dismantling these operations.
Conclusion
The extradition of She Zhijiang to China represents a pivotal step in combating pig butchering scams and their deep ties to cryptocurrency fraud in Southeast Asia. By exposing the brutal realities of scam factories in places like Myanmar’s Shwe Kokko, this case highlights the urgent need for stronger border controls and blockchain monitoring to safeguard the crypto ecosystem. As regulatory bodies worldwide enhance their efforts, investors must remain proactive—educating themselves on scam tactics will be key to fostering a secure digital finance future.
