According to the Gate.io News bot, as reported by Wu Shuo, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on the Myanmar armed group Karen National Army (KNA) on May 5, 2025. OFAC stated that the organization engages in transnational cyber fraud, human trafficking, and smuggling activities.
The investigation shows that the organization carried out fraud by setting up fake cryptocurrency investment platforms, luring victims to invest funds for a long time before absconding with the money. In 2022 and 2023, the total losses for victims in the United States reached $2 billion and $3.5 billion, respectively.
The OFAC further disclosed that KNA collaborated with Cambodian financial institutions such as Huione Group to carry out virtual asset laundering through new types of cryptocurrency scams like "pig butchering."
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The U.S. Treasury Department sanctions the KNA organization in Myanmar for involvement in Crypto Assets fraud and Money Laundering activities.
According to the Gate.io News bot, as reported by Wu Shuo, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on the Myanmar armed group Karen National Army (KNA) on May 5, 2025. OFAC stated that the organization engages in transnational cyber fraud, human trafficking, and smuggling activities.
The investigation shows that the organization carried out fraud by setting up fake cryptocurrency investment platforms, luring victims to invest funds for a long time before absconding with the money. In 2022 and 2023, the total losses for victims in the United States reached $2 billion and $3.5 billion, respectively.
The OFAC further disclosed that KNA collaborated with Cambodian financial institutions such as Huione Group to carry out virtual asset laundering through new types of cryptocurrency scams like "pig butchering."