Gift cards, one of the most basic financial products in the U.S. retail market, have become the backbone of a billion-dollar criminal economy that investigators say is moving American money into China.

Homeland Security Investigations agents say Chinese organized-crime groups have built a laundering network that uses U.S. retailers, mobile wallets and cryptocurrency to steal and export wealth. Operatives inside the U.S. drain compromised gift cards, buy high-value goods such as iPhones and laptops, and ship them to China, where they are resold for profit.

The proceeds are then converted into digital currency and funneled through Chinese payment platforms, creating what investigators describe as a hidden pipeline of American capital leaving the country.

“The end goal is to cash out stole

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