In a joint cross-border operation, the FBI and Thai Royal Police froze approximately $580 million in crypto assets and seized 8,000 phones linked to Southeast Asian pig-butchering networks targeting U.S. victims.
A DOJ-led operation froze over $3.8 million in crypto tied to Southeast Asia scam syndicates, while authorities and tech firms also dismantled servers, Starlink kits, and other fraud infrastructure.
OFAC sanctioned Cambodia Senator Kok An and 28 entities for turning resorts and casinos into crypto fraud centers. DOJ seized 503 scam domains. Tether froze $344M USDT. Americans lose over $10B annually to Southeast Asian pig butchering scams.
Chinese President Xi Jinping used the 2026 World Artificial Intelligence Conference in Shanghai to pitch broader international AI cooperation, especially with developing countries. According to CNBC, Xi said China will offer 5,000 AI training slots to developing nations and plans to work with regional groups including the Association of Southeast Asian Nations, the Arab League and the African Union. During the event, 29 countries signed an agreement to establish the World AI Cooperation Organization, or WAICO, with its headquarters in Shanghai. The list of signatories included Kazakhstan, Laos, Pakistan, Russia and Indonesia, while UN Secretary-General António Guterres and other representatives from international organizations attended the ceremony. Xi also called for opposition to what he described as the overextension of national security concepts in AI and to putting one country’s security above others. The remarks came as the US continues to restrict China’s access to advanced chips and chipmaking equipment. The report also noted Nvidia’s disclosure that its China market share has fallen sharply, while Huawei showcased its Atlas 950 SuperPoD system at the conference.
Cambodia's National Assembly unanimously approved a strict cyber fraud law, imposing life imprisonment for leaders of large-scale cryptocurrency scams and up to 5 years for participants, targeting rampant 'pig butchering' schemes in Southeast Asia.
Cedric Chehab, Global Head of Country Risk at Fitch Solutions, warns that the growing economic influence of China, the de-dollarization efforts of BRICS and ASEAN nations, and the rise of CBDCs and cryptocurrencies will gradually erode the US dollar's hegemony, though the process will be slow.
A Fitch Solutions analyst says U.S. dollar dominance faces gradual erosion as China’s economic rise, BRICS-led de-dollarization, and the growth of cryptocurrencies and CBDCs reshape global finance.
A Fitch Solutions analyst says the U.S. dollar faces a slow erosion rather than a sudden collapse, driven by China’s growing influence, BRICS-led de-dollarization efforts, and the rise of cryptocurrencies and CBDCs.
