US, China ramp up actions against transnational crypto scam syndicates
The US and China are ramping up crackdowns on cryptocurrency-related cross-border crimes with a flurry of actions against the suspected ringleaders of scam networks operating in Southeast Asia.
In recent years, the border areas between Thailand, Myanmar, Laos and Cambodia have become hubs for online fraud operations, in which syndicates either trick or coerce their targeted victims to invest in bogus schemes and transfer money via bitcoin, ether or stablecoins before these are processed through complex money-laundering networks.
Those schemes reflect the major role played by cryptocurrencies in sophisticated criminal enterprises in spite of the increased integration of digital assets in mainstream finance.
After seizing US$13.4 billion…
