CoinW SP Z O O, Chinese PIG BUTCHERS DBA "YOMIGT"

Recently, our platform has seen an increase in a form of fraud that combines your typical romance scam with a crypto-related Ponzi scheme. This is dubbed the “pig butchering” scam, which is named after the practice of flattening a hog before slaughter and originated as a regional scam in Southeast Asia.

The scam generally works in four distinct phases:

  1. GARNERING TRUST: Casual conversations initiated by the scammer, who may claim to have accidentally received their victims’ credentials or received them from a mutual friend.
  2. HOOK 'EM IN: The scammer introduces the Ponzi scheme.
  3. PROFIT: The scammer collects the victims’ investments.
  4. DISAPPEAR: The scammer ceases all contact with the victim after generating the desired amount of revenue.

As the scam recently evolved to now affect people abroad, we never really had much of a lead on where the scam exactly originated until very recently, thanks to the investigative work of the legendary @JimBrowning11. This thread will hereby serve to provide information about the perpetrators and help us keep track of future activity.

The individuals behind this scam organization operate from an undisclosed location in the People’s Republic of China :cn:, as evident by their computers originating from Mainland China and their employment contracts being written in both Chinese and English. These contracts are signed by thousands of migrant workers from countries such as

  • India :india:
  • Philippines :philippines:
  • North Africa :algeria: :egypt: :libya: :morocco: :sudan: :tunisia:

These migrants, who are technically victims themselves, are usually trafficked to a facility in Myanmar :myanmar:, Cambodia :cambodia:, Laos :laos:, or, recently, Dubai in the United Arab Emirates :united_arab_emirates:, where they are essentially held captive with subpar living conditions and are forced to trick victims into garnering trust with them. This is usually achieved through fake accounts on legitimate dating applications, though most communications are usually facilitated through multiple WhatsApp accounts operated on HelloWorldPro.

Once a strong relationship is established, the victim will receive a video call from a hired model who will introduce them to the Ponzi scheme set up by their bosses. The scheme Jim recently uncovered was operating under the identity of YOMIGT INC., a New York City-based financial services and fintech company founded on October 31, 2018 but registered under the Colorado Secretary of State through their registered agent of Zhongteng Accounting Co., Ltd., which operates out of a Denver-based PostNet PO box.

Their website, yomigt.com, was registered through Gname.com Pte Ltd on February 2, 2023, but has since been taken offline. Thankfully, a snapshot of the website was taken on September 6, 2023 and is publicly accessible through the Wayback Machine.

Jim’s video also uncovers the true identity of the scammers as CoinW SP Z O O an Emirati :united_arab_emirates: cryptocurrency exchange founded by Mingguo Bai (pictured) in 2017 and currently directed by Darrren Wang (pictured) The company has used employees and/or botted accounts to provide fraudulent positive reviews on their TrustPilot listing, where several victims have complained about

  • Being lured into making deposits from models and content creators.
  • Extorting victims into providing sensitive information in exchange for nonexistent refunds.
  • Refusal to delete their victims’ accounts, claiming the function is being “upgraded.”
  • Repeatedly sending spam emails.

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Associated Mobile Apps:

Associated BitChute Account: AlexDzhan

Associated Discord Server: CoinW Global

Associated Facebook Accounts:

Associated Instagram Account - Ei Ei Thwe (@coinw_exchange) • Instagram photos and videos

Associated LinkedIn Accounts:

Associated Telegram Accounts:

Associated TikTok Account (BANNED): TikTok - Make Your Day

Associated Weibo Account - Sina Visitor System

Associated X Accounts:

Associated YouTube Channel: https://www.youtube.com/@Yomigt

Associated Email Addresses:

1 Like

Excellent research.
Surprised to know they have 1000 plus scam operations from Dubai UAE

2 Likes

MAJOR UPDATE: ABC News in Australia recently covered the scammers, as well as @JimBrowning11’s bait and continued observance of their operations.

  • According to the report, the scam operated under a virtual company known as Gold Investment Financial Group, with bank accounts in Hong Kong being used to launder money.
  • Dubai police were made aware of the scam, but the case couldn’t be progressed until one of their victims, an Australian by the name of Murray Sargant, filed a formal complaint with a lawyer (at the cost of approx. $US30,000-40,000)
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  • Browning, in a tweet, did indicate that there will be an update to this story very soon, so we will remain on standby for any further information.