America slashing a crypto scam network in Myanmar and Cambodia

The U.S. Department of the Treasury (OFAC) has just imposed sanctions on a cybercrime network in Southeast Asia, comprising 9 entities in Shwe Kokko (Myanmar) and 10 entities in Cambodia, all related to crypto investment scams.

OFAC stated that these groups use fake job recruitment to lure workers, then use debt, violence, and threats to force victims to participate in scam operations, including the “pig-butchering” model – emotionally luring individuals and then stealing money through fake crypto platforms.

Last year alone, scams originating from Southeast Asia caused America losses of over 10 billion USD, an increase of 66% compared to the previous year.