🚨 US sanctions Cambodian tycoon, accusing him of cryptocurrency fraud and human trafficking!
The US Treasury Department has imposed sanctions on a Cambodian tycoon and his group for alleged cryptocurrency fraud and human trafficking. A senator named Ly Yong Phat and his LY Group and O-Smash Resort have been accused of serious human rights violations over the past two years.
Reports show that victims were lured to the resort by fake job opportunities or "love scams", and then their phones and passports were confiscated, and they were forced to engage in fraudulent activities including cryptocurrency fraud.
These so-called "pig killing" schemes force victims to establish relationships with others and trick victims into investing in their so-called cryptocurrency or foreign exchange scam projects.
Police investigations show that trafficking victims who tried to seek help were also tortured by multiple beatings and electric shocks.
From October 2022 to March 2024, authorities conducted multiple rescue operations at Ly's resort, rescuing victims from China, India, Indonesia, Malaysia, Singapore and other countries.
In April this year, the BBC reported that more than 250 Indians were rescued by the authorities. These thousands of victims only account for a small part of the victims who were forced to participate in cryptocurrency schemes and "love scams".
In addition, the "Human Trafficking Report" released by the US State Department highlighted human rights violations in the O Smach and Koh Kong regions of Cambodia. OFAC has imposed criminal charges on Senator Ly for three hotels suspected of trafficking.
Meanwhile, Tether froze $28 million worth of USDT in July, which was suspected of being related to cryptocurrency theft and money laundering activities of the Huione Group in Cambodia.
The FBI's IC3 warned that the number of cryptocurrency investment scams led by Southeast Asian criminal organizations is surging.
Conclusion:
This incident reminds us to be vigilant when faced with attractive job opportunities and high-paying promises. And when participating in cryptocurrency investment, we also need to be cautious to prevent being deceived.
In short, investors should conduct comprehensive due diligence before making investment decisions to ensure the safety of funds and personal safety!
