What sanctions and FinCEN 311 actually do

$15 Billion crypto seizures, SouthEast Asia scam compounds with thousands of victims and the life savings of hard working professionals being wiped out by transnational criminal organizations. In this episode, Andrew Fierman (Head of National Security Intelligence, Chainalysis) and Erin West (Founder, Operation Shamrock), don’t hold back in sharing the nuances of pig butchering, national security and everything to do with crypto sanctions and victim support. 

Erin describes the comprehensive scam strategies and shares her perspective as she travels the world and investigates steps away from some of the biggest scam compounds the industry has ever seen.

Andrew emphasizes the enormous scale of financial operations linked to illicit activities, evidenced by the staggering figures tied to entities like Huione and Prince Group and the importance of cross-sector collaboration and proactive regulatory measures in mitigating these threats.

Through real-life anecdotes and expert analysis, the episode provides listeners with a deeper understanding of the complexities and ongoing efforts to combat transnational organized scam networks.

2 | Introduction: Crypto Natsec and Pig Butchering

4 | Erin's Background in High Tech Crime

8 | Understanding Pig Butchering Scams

15 | Global Collaboration Against Organized Crime

18 | Gift Cards as a Money Laundering Tool

22 | Southeast Asia Scam Compounds

27 | Chen Zhi and Prince Group’s Sanction Analysis

30 | Practical Advice on How Anyone Can Combat Pig Butchering

33 | Closing Thoughts and Resources

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

• Website: Operation Shamrock: Educate. Mobilize. Disrupt: Stopping Scams Together
• Podcast: Stolen: A Podcast with Erin West
• Article: The Pig Butchering Lifecycle: Organized criminals use a highly scripted process and human trafficking to get as much money as they can from individual victims.
• Article: How scammers use crypto ATMs to launder millions from victims
• Blog: DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network
• Blog: Five Key Takeaways from MSMT’s Report on North Korean Cyber Operations
• YouTube: Chainalysis YouTube page
• Twitter: Chainalysis Twitter: Building trust in blockchain

• Andrew Fierman (Head of National Security Intelligence, Chainalysis)
• Erin West (Founder, Operation Shamrock)

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