The USA has imposed sanctions against 19 organizations linked to cryptocurrency fraud in Asia.

Sanctions have affected 19 organizations in Myanmar and Cambodia related to cryptocurrency fraud and investor deception.
Victims were lured with job offers, stripped of their documents, and kept in a cycle of debt, forcing them into criminal activities.
American losses from schemes in the region exceeded 10 billion dollars in 2024, an increase of 66% year-on-year.
The USA, through the Office of Foreign Assets Control (OFAC), has imposed sanctions against networks organizing schemes for investments in cryptocurrencies in Myanmar and Cambodia. Nine entities in Myanmar have been affected by the restrictions, some of which operated under the guise of already sanctioned armed groups, and ten organizations in Cambodia involved in forced labor camps.
"The cybercrime industry in Southeast Asia not only threatens the well-being and financial security of Americans but also exposes thousands of people to modern slavery," said U.S. Deputy Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley.
One of the key nodes of the fraudulent network became the settlement of Shwe-Kokko in Myanmar's Karen state on the border with Thailand. Here, under the guise of the armed group KNA, the Yatai New City complex was created, where schemes involving cryptocurrency investments, online casinos, and human trafficking unfolded.
The Yatai New City complex in She-Kokko is a center for crypto fraud and forced labor on the border of Myanmar and Thailand.

How schemes work and what sanctions are aimed at
OFAC describes the typical mechanics: a promise of a high-paying job, document seizure, movement control, debt bondage, and threats of violence. Victims are forced to communicate in messengers, playing out "investment opportunities" and leading people to transfer money to fake platforms.
The most widespread scheme is the "pig slaughtering" scheme, where trust is built through long-term communication and fake relationships.

The evolution of measures against crypto schemes in the region
According to the U.S. Treasury Department, the damage from Southeast Asian schemes exceeded 10 billion dollars in 2024.
In the spring, the U.S. financial intelligence had already identified the Cambodian Huione Group as a key center for money laundering related to North Korean cyberattacks and fraud. The new sanctions logically continue the line of closing off the channels for cashing out and international settlements.