Li Xiong was reportedly connected to Huione Group, an operation accused of facilitating scam centers running “pig butchering” schemes — long-term frauds designed to trick victims into investing in fake crypto opportunities. The group allegedly processed over $89 billion in illicit crypto transactions, making it one of the largest underground marketplaces ever uncovered.

This case exposes the scale and sophistication of modern crypto scams. These aren’t small-time operations — they are highly organized networks using advanced tactics, global infrastructure, and psychological manipulation to target victims worldwide.