Debiex Crypto Platform, Involved in “Pig Butchering” Scheme, Ordered to Pay $2.5 Million in Romance Fraud Case
TLDR
Debiex ordered to pay $2.5 million after CFTC lawsuit over “pig butchering” romance scam
Judge Douglas Rayes granted summary judgment after Debiex failed to respond to the lawsuit
Scammers posed as successful female traders, targeting 5 victims who deposited around $2.3 million
Zhāng Chéng Yáng identified as a “money mule” with an OKX wallet containing 63 ETH and USDT
Court ordered stolen funds to be returned to victims plus $221,500 in civil penalties
A federal judge has ordered crypto platform Debiex to pay approximately $2.5 million in restitution and penalties after the company failed to respond to a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC).
The CFTC accused Debiex of operating a “pig butchering” scam that targeted investors through romantic deception. The term refers to fraudsters who build relationships with victims before convincing them to invest in fake schemes.
On March 13, Arizona federal court Judge Douglas Rayes granted the CFTC’s motion for summary judgment against Debiex. The judge ruled that the platform must return about $2.26 million stolen from customers.
The court also imposed a civil penalty of nearly $221,500. Judge Rayes stated that Debiex’s failure to respond to the lawsuit was not due to “excusable neglect,” finding no justification for the company’s inaction.
The CFTC initially filed the lawsuit against Debiex in January 2024. According to court documents, the platform marketed itself as a “Blockchain Network Decentralized perpetual contract trading platform” where users could engage in futures trading and mining transactions.
In reality, the operation was allegedly a sophisticated romance scam targeting unsuspecting investors. The CFTC claimed that Debiex staff posed as female traders to build trust with potential victims.
These fake personas engaged in continuous conversations with targets and sent personal photos. They presented themselves as highly successful cryptocurrency investors to gain credibility.
The scheme successfully lured five victims who collectively deposited around $2.3 million into the fraudulent platform. Rather than facilitating legitimate trades, Debiex simply stole the funds, according to the CFTC.
The court documents detailed how victims were provided with fabricated account balances after depositing funds. The platform displayed fake trading positions and false profit figures to maintain the illusion of legitimacy.
“All of this information was most likely false,” the CFTC stated in its complaint. The agency found that customer deposits were funneled through multiple digital wallets to hide their final destination.
The CFTC also identified a key figure in the operation named Zhāng Chéng Yáng. He was accused of acting as a “money mule” by handling transactions through cryptocurrency wallets used to receive and launder victims’ funds.
Default Judgement Against Zhāng
On March 12, Judge Rayes granted the CFTC’s request for a default judgment against Zhāng. The court concluded that he controlled an OKX wallet that received assets to which he had no legal claim.
OKX had been voluntarily preserving the wallet’s contents during the investigation. The wallet contained nearly 63 Ether (ETH) valued at approximately $119,500 and $5.70 worth of Tether (USDT).
Judge Rayes ordered these funds to be transferred to one of the victims. This represents a small portion of the total amount stolen through the scheme.
The CFTC’s case highlights the growing concern about romance scams in the cryptocurrency space. These scams typically begin on social media platforms where fraudsters initiate romantic relationships with targets.
After building trust over time, scammers convince victims to invest in what appear to be legitimate cryptocurrency trading platforms. These platforms are actually fraudulent operations designed to steal funds.
The Debiex case comes amid broader concerns about increasing losses in the crypto ecosystem. According to a report by blockchain security platform Immunefi, losses in the crypto ecosystem increased dramatically in February 2025.
The report showed that registered losses jumped from $73,915,700 in January 2025 to $1,528,342,400 in February 2025. This represents a 20-fold increase month-over-month.
The February 2025 figure also marks an 18-fold increase compared to the same period a year prior. In February 2024, registered losses were $81,603,400.
The CFTC continues to actively pursue cases involving cryptocurrency fraud. The agency has emphasized the importance of investor awareness regarding romance scams and other deceptive practices in the digital asset space.
