The Chinese government cracked down on illegal betting in 2018. Fraudsters then targeted Chinese speakers in South-east Asia.
As their operations expanded to include Europe and the United States, scam tactics evolved to keep abreast with the growing popularity of cryptocurrency investments. In response to queries, the Singapore Police Force said victims here ended up transferring money to banks predominantly in China, including those in Hong Kong.
"They were asked to pay administrative fees, security fees or taxes in order to reap profits. In many cases, victims earned a profit in the initial stage, leading them to believe that the investment is legitimate and lucrative," the police told The Sunday Times. "Once larger amounts of monies were deposited into the designated accounts, the scammers became uncontactable."According to the Global Anti-Scam Organisation, a volunteer-driven advocacy group which includes Singaporean members, most victims of pig-butchering scams had emptied their savings account and many even ended up in debt.
Source: News Formal (newsformal.com)