A Deep Dive into the Triad Nexus Pig Butchering & Money Laundering Network

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Presented at BSides SF 2025 by

Zach Edwards

The presentation will cover research into pig butchering scams connected to FUNNULL CDN-hosted money laundering, retail phishing campaigns targeting luxury brands, and more. Technical analysis steps will be provided and explained in-depth as we cover this threat which we have dubbed “Triad Nexus."