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The Crime of "Pig-butchering Scams" in the Securities Market and Legal Regulation

Lien-Wei Yu (2023) — Science of Law Journal

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DOI: 10.23977/law.2023.020106 (opens in a new tab)

Type:   Journal Article
Country:   China
Tags:   Chinese Criminal Law, Cross Border Crime, Digital Evidence, Internet Fraud, Investment Fraud, Pig Butchering Scams, Platform Regulation, Securities Fraud
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Synopsis

            
The publication examines the crime commonly referred to as “pig-butchering scams” within China’s securities market and the related legal regulation. Its purpose is to define the crime, describe its harmful effects, analyze current Chinese legal rules governing the conduct, identify regulatory and evidentiary gaps, and propose directions for improvement in regulation and enforcement. The author proceeds through a structured analysis of how pig-butchering scams have evolved with mobile internet technology, how scammers operate in stock markets, and how courts and security authorities have handled such cases to date. The article outlines distinctive characteristics of pig-butchering crimes in the securities arena, including the formation of professional, multi-layered criminal teams with formalized roles, lengthy fraud lifecycles spanning months, and cross-border elements. It describes typical fraud sequences: cultivating trust, using social platforms to recruit investors, manipulating stock exposure, and transferring funds through various channels to evade detection. The analysis also highlights systemic weaknesses, such as information leakage on third-party platforms, insufficient prevention and early warning mechanisms, and limited regulatory capacity to address cross-border operations and rapidly evolving online platforms. On the legal and policy side, the publication surveys judicial interpretations and statutory developments in China, noting that many pig-butchering cases are treated under general fraud provisions rather than a distinct offense, and that jurisdiction and electronic-evidence handling pose practical challenges. It concludes with proposed avenues for improvement, including precise characterization of related crimes, tighter regulation of criminal counts, and stronger cross-institutional and cross-border cooperation to curb the industry chain and reduce investor losses.

          

        
                  

            
Identified Gaps

            
The paper identifies unclear legal characterization of securities-market pig-butchering scams, inconsistent conviction and sentencing, unclear jurisdiction, and inadequate coordination for collecting third-party digital evidence. It also describes gaps in platform information review, transfer-risk warnings, government oversight, and cross-border coordination.

          

        
                  

            
Methods

            
This is a doctrinal and descriptive legal-policy analysis. It defines securities-market pig-butchering scams, compares Internet and telecom fraud, outlines an alleged fraud process and crime characteristics, reviews Chinese criminal and procedural provisions, and proposes legal characterization, sentencing, regulatory, and early-warning reforms. No original data collection or empirical case analysis is reported.

          

        
                  

            
Limitations

            
The article provides no transparent empirical dataset, case-sampling procedure, or systematic evidence supporting its claims about offender practices, victim characteristics, prevalence, or typical duration. Several conclusions are framed broadly and rely on descriptive assertions. Its legal analysis is centered on Chinese law, limiting direct transferability to other jurisdictions.

          

        
                  

            
Future Work

            
Develop early-warning standards using purchase amounts and activity in WeChat and QQ groups. Strengthen cross-border regulatory and enforcement cooperation with countries hosting fraud infrastructure. Improve legal rules for characterizing offenses, evaluating aiding conduct, and determining crime amounts and circumstances.

          

              

    
    

        
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