Stephen Dubner

They designated his holding company a transnational criminal organization, and they charged him with fraud and money laundering.

They also seized $15 billion worth of crypto.

Where did all that crypto come from?

Chenji, in addition to running a real estate development firm and other businesses, allegedly ran a massive online scamming operation that specialized in what the Chinese call pig butchering.

That means fattening up the scam victims for months or years.

And then when the time is right, the slaughter.

U.S.

prosecutors say that cybercrime in Cambodia generates as much as $19 billion a year, which would account for roughly half of the Cambodian GDP.

The U.S.

government says that scammers in Southeast Asia stole $10 billion from Americans in 2024 alone.

There were other victims, too.

After Chen was arrested in Cambodia, thousands of his workers fled the country.

They had reportedly been trafficked to Cambodia and they were being held against their will at scam compounds.

Today on Freakonomics Radio, is it fair to call scamming an industry?

We will hear how the industry works from getting hold of your data.

To the daily economics of the industry.

So, is there anything to be done about it?

Let's find out together, starting now.

This is Freakonomics Radio, the podcast that explores the hidden side of everything with your host, Stephen Dubner.

OK, so let's start with this.