US and UK Launch Joint Operation Targeting $16,600,000,000 Cybercriminal Network
The US and the UK are taking action against cybercriminals in Southeast Asia involved in online investment scams and the laundering of billions of dollars in stolen funds.
The U.S. Treasury Department says the agency’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) are working with the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO) amid rising cases of fraudulent online transactions that have caused over $16.6 billion in losses.
The OFAC has imposed sanctions on individuals and entities with ties to the Cambodia-based Prince Group Transnational Criminal Organization (Prince Group TCO), which authorities say engages in deceptive online investment schemes and pig butchering operations that rely on human trafficking and modern-day slavery.
“Prince Group TCO profits from a litany of transnational crimes including sextortion—a type of fraud involving the solicitation for eventual blackmail of sexually explicit materials, often from minors—money laundering, various frauds and rackets, corruption, illegal online gambling, and the industrial-scale trafficking, torture, and extortion of enslaved workers in furtherance of the operation of at least ten scam compounds in Cambodia.”
The UK’s FCDO concurrently sanctioned the Prince Group-affiliated conglomerate Prince Holding Group along with its chairman and CEO Chen Zhi, who was also indicted in the U.S. District Court for the Eastern District of New York.
Meanwhile, the FinCEN initiated to cut off from the US financial system the Huione Group, another Cambodia-based organization accused of laundering the proceeds of virtual currency scams and heists on behalf of malicious actors, which include thieves from the People’s Republic of Korea (DPRK) and TCOs in Southeast Asia.
Says Secretary of the Treasury Scott Bessent,
“Treasury is taking action to protect Americans by cracking down on foreign scammers. Working in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.”
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Corporate power further intensifies the K-shaped split in the economy
- JPMorgan identifies a "K-shaped" U.S. economy with divergent income growth, stagnating for prime-age workers and declining for older cohorts. - Corporate dominance exemplified by Live Nation's antitrust case and Microsoft's governance scrutiny highlights systemic market imbalances. - Younger generations and low-income households adopt cautious spending habits amid weak labor markets and flat household cash balances. - Market fragmentation emerges as TSM shows strong investor confidence while crypto faces

Regulation and Innovation: SEC Considers the Future of Tokenized Stocks
- Nasdaq proposes blockchain integration for tokenized stocks, seeking coexistence with traditional shares under SEC-regulated frameworks. - WFE warns against crypto platforms bypassing safeguards, urging equal protections for tokenized equities to prevent reputational risks. - SEC's December 4 advisory committee meeting will assess Nasdaq's model, which aligns tokenized shares with existing CUSIP identifiers and NMS rules. - Regulatory outcomes could reshape market dominance: leniency empowers crypto firm

Bitcoin News Today: Bitcoin's Delicate Balance: Widespread Acceptance Versus Oversight from Regulators and Political Debate
- SEC approved Bitcoin spot ETFs in January 2024, attracting institutional capital but delaying futures ETFs over manipulation concerns. - Trump's pro-crypto stance and waning popularity correlate with Bitcoin's price swings, criticized by Krugman as speculative "Trumpism." - BlackRock's IBIT ETF returned to profitability with $3.2B gains as Bitcoin hit $90,000, now its top revenue source. - Bhutan expanded crypto adoption via Ethereum staking and tourism payments, while Nvidia's earnings influence Bitcoin

SEC Strives to Maintain Integrity While Fostering Innovation Amid Intensifying Tokenized Stocks Discussion
- Nasdaq proposes tokenized stocks under SEC-regulated framework, seeking integration with existing market systems and investor protections. - WFE warns "innovation exemptions" risk creating unregulated shadow markets with synthetic tokens lacking ownership rights and legal safeguards. - Critics demand clarity on DTC integration while WFE cautions blockchain adoption must demonstrate clear efficiency gains over current systems. - SEC faces balancing act: fast-tracking tokenization could boost U.S. digital

