Researchers Uncover Service Providers Fueling Industrial-Scale Crypto Fraud

Here is an article in the requested format:

Key Findings

• Cybersecurity researchers have uncovered two service providers that supply online criminal networks with tools and infrastructure to fuel the pig butchering-as-a-service (PBaaS) economy.

• Since 2016, Chinese-speaking criminal groups have established industrial-scale scam centers across Southeast Asia, creating special economic zones devoted to fraudulent investment and impersonation operations.

• These compounds host thousands of people lured with the promise of high-paying jobs, only to have their passports seized and be forced to conduct scams under threat of violence.

• One key driver of pig butchering scams is service providers offering full packages and fraud kits that set up scalable online scam operations.

• Another crucial component is customer relationship management (CRM) platforms that provide centralized control over individual agents conducting the scams.

Background

At least since 2016, Chinese-speaking criminal groups have erected industrial-scale scam centers across Southeast Asia, creating special economic zones that are devoted to fraudulent investment and impersonation operations. These compounds are host to thousands of people who are lured with the promise of high-paying jobs, only to have their passports seized and be forced to conduct scams under the threat of violence. INTERPOL has characterized these networks as human trafficking-fuelled fraud on an industrial scale.

Pig Butchering-as-a-Service (PBaaS) Providers

One of the crucial drivers of the pig butchering (aka romance baiting) scams is service providers who supply the networks with all the tools to run and manage social engineering operations, as well as swiftly launder stolen funds and cryptocurrencies. These services offer full packages and fraud kits that set the groundwork for launching scalable online scam operations without much effort.

Customer Relationship Management (CRM) Platforms

A second service category that's central to the PBaaS economy is customer relationship management (CRM) platforms, which provide centralized control over several individual agents. These platforms offer pre-made templates for creating investment scam websites, integration with legitimate trading platforms, and comprehensive agent management capabilities.

Mobile Applications

PBaaS suppliers have also been found to provide mobile applications for Android and iOS, sometimes distributing them as APK files or enrolling a limited number of Apple devices into a testing program to bypass app store controls. Some threat actors have even released such apps directly on app marketplaces while concealing their true functionality.

Sources

• https://thehackernews.com/2026/01/researchers-uncover-service-providers.html

• https://www.cypro.se/2026/01/12/researchers-uncover-service-providers-fueling-industrial-scale-pig-butchering-fraud/