Crypto pig slaughter scam exploits UK corporate house: report

According to an investigation by the Bureau of Investigative Journalism and the Observer, more than 168 shell companies in the UK are suspected of running fraudulent crypto or currency trading schemes, nearly half of which are linked to pork butcher scams.

Indeed, the investigation found that these organized criminal groups use the UK as a “virtual base” for their operations while taking advantage of lax regulations to practice fraud on an industrial scale.

Pig butcher con in uk

After further analysis, the two media companies found that many of these companies are connected through domain registrations. Interestingly, the vast majority of the company’s executives reside in China, but details of the beneficial owners are limited due to deficiencies in the company’s home registration system.

Despite rampant fraudulent activities and concerns about possible money laundering across the UK, the country has mostly turned a blind eye. Echoing sentiments were echoed by Margaret Hodge, MP and APPG chair of anti-corruption and responsible taxation, who said smugglers, drug traffickers, crooks and crooks have been exploiting Britain’s lax and opaque corporate laws for years.

The British politician acknowledged that Companies House had failed to respond despite being the first line of defense and stressed the need to investigate the information being provided and punish those who lie. she added,

It must be adequately funded to perform its role. Currently, it costs £12 to set up a company. Raising the fee to £100 would provide sufficient resources for our law enforcement without increasing the cost to the taxpayer. Anything less than that and the criminals and corrupt people of the world will see that they can continue to manipulate and exploit us.”


Pig slaughter scams first appeared in China. Also known by its Chinese name – shāzhūpán – the attackers usually “fatten” or “nursing” their victims before taking all they have. Although these scams are more visible in the cryptocurrency sector, they still involve other types of financial trading as well.

One of the biggest reasons behind the success of pig butcher scams in the country is the loopholes in the UK business registration system that have been known for years. Anyone can register a business online for as little as £12 without having to show any identification.

Individuals interviewed for the joint investigation reported their cases to police forces in the UK or their home countries, the Financial Conduct Authority or the cryptocurrency exchanges they used to make transfers. However, no one was able to recover the money.

The Post Pig Butchering Crypto Scam Exploiting UK’s Companies House: Report appeared first on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *