The United States sanctions 19 Myanmar and Cambodia-based online scam entities suspected of virtual currency investment fraud activities

ChainCatcher News, the U.S. Treasury Department on Monday imposed sanctions on 19 entities operating in Southeast Asia involved in scam networks, including 9 entities from Myanmar and 10 entities from Cambodia, which forced victims of trafficking to participate in cryptocurrency investment scams. Last year, U.S. citizens lost over $10 billion due to scams originating from Southeast Asia.

The nine sanctioned entities from Myanmar are reportedly operating under the protection of the already sanctioned Karen National Liberation Army. Deputy Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, stated, "Cyber scams in Southeast Asia not only threaten the welfare and financial security of Americans but also leave thousands of people enslaved in modern-day slavery. The U.S. Treasury will use all available tools to combat organized financial crime and protect Americans from the significant harm these scams can cause."