The United States sanctions 19 Myanmar and Cambodian online scam entities suspected of cryptocurrency investment fraud activities
BlockBeats News, September 9, according to The Straits Times, the U.S. Treasury Department on Monday imposed sanctions on 19 scam network entities operating in Southeast Asia, including 9 entities in Myanmar and 10 entities in Cambodia. These scam networks forced trafficked individuals to carry out virtual currency investment scams. Last year, U.S. citizens lost over $10 billions due to scams originating from Southeast Asia.
The nine sanctioned Myanmar entities are reportedly operating under the protection of the already-sanctioned Karen National Union. Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, stated: "Online scam activities in Southeast Asia not only threaten the well-being and financial security of Americans, but also enslave thousands of people in modern slavery. The U.S. Treasury Department will use all available tools to vigorously combat organized financial crime and protect Americans from the significant harm these scams can cause."
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