TL;DR
- A Bitcoin wallet associated with the “LuBian” scam moved more than $1.3 billion in BTC.
- The transaction occurred just after the DOJ announced a record $15 billion seizure.
- This movement has generated speculation about a possible connection between both criminal networks.
A high alert has been issued for the cryptocurrency ecosystem. A massive transaction of the pioneering cryptocurrency, valued at $1.3 billion, was detected. The impressive move was executed from a digital wallet linked to the notorious “pig butchering” scam known as “LuBian.”
The timing of this transaction is what raised alarms: it occurred just one day after the U.S. Department of Justice (DOJ) announced the largest forfeiture action in its history against Chen Zhi and the Prince Group, valued at $15 billion in Bitcoin.
The blockchain analysis firm Arkham Intelligence was the first to report the significant wallet movement linked to LuBian. Specifically, 11,375 BTC were transferred, which has fueled speculation in the community about a possible connection between the LuBian network and the Prince Group’s operations. Although there is no official confirmation directly linking the two groups, the timing of the transaction suggests that LuBian’s operators could be reacting to the DOJ’s strike, seeking to move their funds to avoid a similar fate.
A Chain Reaction in the Crypto Underworld?
The “pig butchering” scams operated by both LuBian and the Prince Group share a similar modus operandi: building trust with victims and then persuading them to invest large sums on fraudulent platforms. The Prince Group’s operation was also linked to forced labor camps in Cambodia, where individuals were compelled to carry out these frauds.
The recent movement from the wallet linked to LuBian could indicate that criminal actors are feeling the pressure from U.S. authorities and are taking preventive measures. This event highlights the growing sophistication of law enforcement agencies in tracking and seizing illicit assets on the blockchain, but it also demonstrates the agility of these networks in attempting to secure their ill-gotten gains before they are seized. The crypto community and authorities will be closely monitoring the trail of these funds.
