US Sanctions Southeast Asia Crypto Scammers via Magnitsky Act
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The US imposes cryptocurrency-related penalties on Southeast Asian cryptocurrency scammers associated with $10B cyber scamming and human trafficking under the Magnitsky Act. The US Treasury levied new sanctions on crypto fraudsters in Southeast Asia under the Magnitsky Act. The move is against a vast installation that takes advantage of Americans and contributes to modern slavery. […]
Key Highlights The Scam Center Strike Force has frozen and seized over $580 million in cryptocurrency from Chinese criminal groups operating scams in Southeast Asia. The scams, called “pig butchering,” trick Americans into investing in fake crypto websites. The Strike Force is a multi-agency effort including the DOJ, FBI, Secret…
Key Highlights U.S. authorities seized more than 503 .com domains tied to crypto investment scams. The websites were disguised as investment platforms showing fake returns to victims. Operation Level Up has notified 8,935 victims and helped prevent an estimated $562.7 million in further losses. The United States (U.S.) Department of…