The post US Sanctions 19 Groups in Myanmar, Cambodia Over Crypto Scams appeared on BitcoinEthereumNews.com. 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 Shwe Kokko city. Key individuals targeted include Tin Win, Saw Min Min Oo, and She Zhijiang, along with companies such as Chit Linn Myaing Co. and Yatai International Holdings Group that facilitate these criminal operations. Ten Cambodian targets include four individuals and six organizations running scam compounds housed in hotels, casinos, and office buildings. The Treasury identified Dong Lecheng, Xu Aimin, Chen Al Len, and Su Liangsheng among the sanctioned individuals, while targeting entities including T C Capital Co., K B Hotel Co., and HH Bank Cambodia. These Operations Threaten American Financial Security Treasury Under Secretary for Terrorism and Financial Intelligence John K. Hurley emphasized that these operations force tens of thousands of people into modern slavery while threatening American financial security. The sanctions aim to disrupt organized financial crime networks that use debt bondage, violence,… The post US Sanctions 19 Groups in Myanmar, Cambodia Over Crypto Scams appeared on BitcoinEthereumNews.com. 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 Shwe Kokko city. Key individuals targeted include Tin Win, Saw Min Min Oo, and She Zhijiang, along with companies such as Chit Linn Myaing Co. and Yatai International Holdings Group that facilitate these criminal operations. Ten Cambodian targets include four individuals and six organizations running scam compounds housed in hotels, casinos, and office buildings. The Treasury identified Dong Lecheng, Xu Aimin, Chen Al Len, and Su Liangsheng among the sanctioned individuals, while targeting entities including T C Capital Co., K B Hotel Co., and HH Bank Cambodia. These Operations Threaten American Financial Security Treasury Under Secretary for Terrorism and Financial Intelligence John K. Hurley emphasized that these operations force tens of thousands of people into modern slavery while threatening American financial security. The sanctions aim to disrupt organized financial crime networks that use debt bondage, violence,…