The United States Treasury has accused a militia group based in Myanmar of running cryptocurrency scams and other crimes.
On May 5, the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against the Karen National Army (KNA). The group’s leader, Saw Chit Thu, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit, were also named in the sanctions.
The KNA is said to have organized a range of fraud schemes, including the “pig butchering” scam. This type of fraud involves criminals slowly building trust with their victims before convincing them to invest large amounts in fake cryptocurrency opportunities.
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According to the Treasury, US citizens have lost billions of dollars through scams like these, though no exact figure was given.
The Treasury stated that the KNA not only ran these scams but was also involved in human trafficking and smuggling activities. The group operates in southeastern Myanmar near the border with Thailand.
Many countries, including the United States, continue to use the name “Burma” when referring to Myanmar to signal that they do not recognize the military governments that have controlled the country at various times since 1989.
The KNA’s scams reportedly depend on trafficked individuals who are forced to take part in fraud schemes. Victims are often tricked into thinking they are being offered real jobs but are instead made to work in scam operations. The group is believed to profit from both the stolen money and the exploitation of these workers.
On April 23, Long Island resident Eugene William Austin Jr. was sentenced to 18 years in federal prison, according to a statement from the US Attorney’s Office. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
