The US Sanctions 19 Myanmar and Cambodia Cybercrime Entities for Alleged Cryptocurrency Investment Fraud

BlockBeats News, September 9th, according to The Straits Times report, the US Treasury Department on Monday sanctioned 19 scam network entities operating in Southeast Asia, including 9 entities in Myanmar and 10 entities in Cambodia. The scam network entities coerced victims into participating in cryptocurrency investment scams. Last year, American citizens lost over $10 billion due to scams originating from Southeast Asia.

The nine Myanmar entities that were sanctioned are reportedly operating under the protection of the sanctioned Karenni National Army. Helmy, Deputy Secretary of Terrorism and Financial Intelligence at the US Treasury Department, stated: "The network scam activities in Southeast Asia not only threaten the well-being and financial security of Americans but also exploit thousands of people into modern slavery. The US Treasury Department will utilize all tools to combat organized financial crime and protect Americans from the significant harm these scams could cause."