OFAC Sanctions Entities Linked to Crypto Scams in Southeast Asia

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on 19 entities and individuals tied to large-scale cryptocurrency investment scams operating in Myanmar and Cambodia. These networks allegedly employed forced labor, coercion, and violence to run fraudulent platforms that targeted victims globally.

Americans lost over $10 billion to Southeast Asia-based scams in 2024, according to Treasury data. Key targets included scam compounds in Shwe Kokko, Myanmar, and Sihanoukville, Cambodia. The UN estimates 220,000 people have been forced into such operations across both countries.

In Myanmar's Karen State, OFAC identified nine targets connected to Shwe Kokko's scam activity. Businessman She Zhijiang was cited for his role in developing scam compounds through the Yatai New City project. Karen National Army figures Tin Win and Saw Min Min Oo allegedly provided security and operational support.