OFAC Sanctions Southeast Asian Crypto Crime Networks For Scamming Americans Out Of $10 Billion

The ￰0￱ of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on criminal actors in Southeast Asia responsible for draining over $10 billion worth of Americans’ funds, a new press release from the ￰1￱ of Treasury ￰2￱ Takes Action On Southeast Asian Digital Asset Scams According to the September 8 press release , OFAC issued sanctions against nine targets in Shwe Kokko, a “notorious hub for virtual currency investment scams” in Burma. Today, OFAC sanctioned Southeast Asian crypto scam networks behind $10B in American losses. 19 entities in Burma and Cambodia targeted for running "pig butchering" schemes that exploit both ￰3￱ and forced laborers operating under threat of ￰4￱ uncovered scam… — Chainalysis (@chainalysis) September 8, 2025 The agency also sanctioned four individuals and six entities for operating forced labor compounds in Cambodia, where workers are obligated to digital asset investment scams “against victims in the United States, Europe, China, and elsewhere.” “Southeast Asia’s cyber scam industry not only threatens the well-being and financial security of Americans, but also subjects thousands of people to modern slavery,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence John K.

Hurley. “In 2024, unsuspecting Americans lost over $10 billion due to Southeast Asia-based scams and under President Trump and Secretary Bessent’s leadership, Treasury will deploy the full weight of its tools to combat organized financial crime and protect Americans from the extensive damage these scams can cause,” he ￰5￱ Scams Of Growing Concern To ￰6￱ According to the ￰7￱ of Treasury, transnational criminal organizations are increasingly weaponizing new technologies to enact cyber scams against ￰8￱ September 2023, the ￰9￱ of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert on the growing concern over crypto-based “pig butchering” ￰10￱ to fattening a calf before slaughter, these scams involve conmen developing fraudulent relationships with an intended victim in a bid to gain their trust – and eventually, access to their digital assets.

“The scammers then refer to “butchering” or “slaughtering” the victim after victim assets are stolen, causing the victims financial and emotional harm,” the alert reads in ￰11￱ OFAC’s latest sanctions issuance, Treasury is signaling that crypto-fueled scams tied to modern slavery are a priority national security threat.