US Treasury Sanctions 19 Groups in Myanmar, Cambodia Over Crypto Scam Networks
- US Treasury hit 9 Myanmar and 10 Cambodian entities for crypto fraud with forced labor.
- Pig-butchering scams drained billions from Americans using fake trading platforms.
- Americans lost $10B in 2024, a 66% surge, as Southeast Asian scam networks grew.
The US Treasury Department has imposed sanctions on 19 entities across Myanmar and Cambodia for operating large-scale cryptocurrency investment fraud networks that use forced labor to target American victims. The September 8 announcement is an escalation in efforts to combat transnational cybercrime operations that have cost Americans over $10 billion in 2024 alone.
The sanctioned operations primarily conduct “pig butchering” scams, where criminals develop romantic or investment relationships with victims over months before gradually extracting increasingly larger financial sums. These schemes involve fake trading platforms that display fictitious returns to convince victims to transfer more money until their savings are completely drained.
Forced Labor Operations Span Multiple Countries
Nine Myanmar entities face sanctions for operating under the protection of the already-sanctioned Karen National Army in…
The post US Treasury Sanctions 19 Groups in Myanmar, Cambodia Over Crypto Scam Networks appeared first on Coin Edition.
Read More
US Treasury Sanctions 19 Groups in Myanmar, Cambodia Over Crypto Scam Networks
- US Treasury hit 9 Myanmar and 10 Cambodian entities for crypto fraud with forced labor.
- Pig-butchering scams drained billions from Americans using fake trading platforms.
- Americans lost $10B in 2024, a 66% surge, as Southeast Asian scam networks grew.
The US Treasury Department has imposed sanctions on 19 entities across Myanmar and Cambodia for operating large-scale cryptocurrency investment fraud networks that use forced labor to target American victims. The September 8 announcement is an escalation in efforts to combat transnational cybercrime operations that have cost Americans over $10 billion in 2024 alone.
The sanctioned operations primarily conduct “pig butchering” scams, where criminals develop romantic or investment relationships with victims over months before gradually extracting increasingly larger financial sums. These schemes involve fake trading platforms that display fictitious returns to convince victims to transfer more money until their savings are completely drained.
Forced Labor Operations Span Multiple Countries
Nine Myanmar entities face sanctions for operating under the protection of the already-sanctioned Karen National Army in…
The post US Treasury Sanctions 19 Groups in Myanmar, Cambodia Over Crypto Scam Networks appeared first on Coin Edition.
Read More