The US Treasury Department imposes sanctions on Myanmar militia groups for suspected cryptocurrency fraud

BlockBeats news, on May 6th, according to Cointelegraph, the Office of Foreign Assets Control (OFAC) of the US Treasury Department announced on May 5th that the Myanmar Karen National Army and its leader Saw Chit Thu, along with their two sons, have been placed on a sanctions list, accusing the organization of operating cryptocurrency fraud, human trafficking, and cross-border smuggling activities in the form of "pig killing disks". The announcement stated that these scams have resulted in "cumulative losses of billions of dollars" for US citizens, but did not disclose the specific amount. The organization builds trust through social media and induces victims to invest in false encryption projects, making Southeast Asia a high-risk area for such fraud. According to TRM Labs, a blockchain analysis company, the amount of money involved in "pig killing" cases worldwide will exceed $4.4 billion in 2023. According to FBI data, the losses from cryptocurrency fraud in the United States reached $9.3 billion in 2024 (a year-on-year increase of 66%), with the group aged 60 and above suffering the most severe damage (a total of $2.8 billion).