Myanmar-based scammers stole $100m worth of crypto since 2022, Chainalysis says

Chainalysis report reveals Myanmar-based romance scammers amassing $100 million in crypto, underscoring the nexus between illicit activities and digital assets. A criminal gang based in Myanmar has netted $100 million worth of crypto from victims over the past two years…

Chainalysis report reveals Myanmar-based romance scammers amassing $100 million in crypto, underscoring the nexus between illicit activities and digital assets.

A criminal gang based in has netted $100 million worth of crypto from victims over the past two years by exploiting pig butchering schemes, where scammers are tricking victims into fake relationships and convincing them to invest money into crypto.

According to a new from , criminal gangs operating out of Myanmar, notably from the KK Park compound in the town of Myawaddy. The compound, reportedly housing thousands of trafficked workers, serves as a hub for romance scams, with victims subjected to brutal working conditions and coercive tactics to meet scamming quotas.

“The conditions these people face are horrible. They’re forced to work 12 or more hours per day, and if they don’t meet quotas on contacting potential scam victims, the gangs beat them, torture them, and even withhold food.”

Eric Heintz, global analyst at the Global Fusion Center of the International Justice Mission

Chainalysis’s examination of ransom addresses linked to pig butchering gangs uncovers significant sums of crypto, highlighting the profitability of these illicit activities.

While recent efforts by law enforcement agencies have achieved some success in combating these crimes, the pervasive nature of the problem demands “urgency to solving the problem of romance scamming,” Chainalysis says.

In November 2023, the U.S. Department of Justice (DoJ) alongside Tether, worth of USDT from a criminal organization utilizing romance schemes to swindle unsuspecting American investors out of their crypto holdings. The DoJ said the assets rightfully belonged to over 70 victims of pig butchering. As of press time, Tether blacklisted nearly 1,300 crypto wallets associated with illicit activity, according to data from CCData.

Source: News – crypto.news

Publicații recente
Shiba Inu (SHIB) Rocket Fuel Pattern Here, Bitcoin (BTC) Ready for Fundamental Shift at $100,000, Solana's (SOL) Road to $300 Continues
22.11.2024 - 05:00
EOS Climbs 11% In a Green Day
22.11.2024 - 04:00
Bigger Rocket Needed: Michael Saylor Reacts to Bitcoin's Surge Past $98,000
21.11.2024 - 22:00
Bybit x Block Scholes Quarterly Institution Report: Markets Anticipate Watershed Moments as Trump Returns as the “Crypto President”
21.11.2024 - 20:00
USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products
21.11.2024 - 20:00
Bitcoin critic Gary Gensler to step down from SEC in January 2025
21.11.2024 - 20:00
Ethereum Climbs 10% In Bullish Trade
21.11.2024 - 20:00
Coinshift Launches csUSDL, Announces Strategic Partnerships
21.11.2024 - 19:00
Satoshi Nakamoto Nears Rich Elite as Bitcoin Skyrockets Past $98,000
21.11.2024 - 19:00
'Time Will Tell': Binance Bosses Add Intrigue to Bitcoin Mania at $97,000
21.11.2024 - 19:00
Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero
21.11.2024 - 19:00
Prom Announces Mainnet Launch Bringing Better Blockchain Scalability
21.11.2024 - 19:00
Bitcoin (BTC) to Go Parabolic Once This Happens, Analyst Says
21.11.2024 - 18:00
$62 Billion Hit: Bitcoin (BTC) Secures Mind-Blowing Record
21.11.2024 - 17:00
Bitcoin price today: hits record high above $98k on Trump, ETF options hype
21.11.2024 - 16:00

© Analytic DC. All Rights Reserved.

new
Analiza pieței Cum va afecta raportul NFP de mâine cursul de schimb al dolarului american?