[U.S. Department of Justice Establishes Interagency Task Force to Combat Southeast Asia Cryptocurrency Fraud]
The U.S. Department of Justice has announced the establishment of a 'Fraud Strike Force,' focusing on addressing cryptocurrency investment fraud activities initiated by transnational criminal organizations in Southeast Asia. According to the official statement, the task force will be responsible for investigating, combating, and prosecuting fraudulent schemes, which are estimated to cost Americans nearly $10 billion annually. The criminal networks primarily operate out of camps in Cambodia, Laos, and Myanmar, with fraudulent revenues in some areas potentially accounting for nearly half of the local GDP. Victims are often lured into transferring funds to fake cryptocurrency platforms hosted by U.S. companies, after which the funds are transferred overseas for money laundering.