U.S. Department of Justice Takes Coordinated Action Against Southeast Asian Crime Organizations, Freezing Over $700 Million in Cryptocurrency

04/24 03:55

On April 24, according to an official announcement from the U.S. Department of Justice, the "Fraud Center Strike Force" announced a series of coordinated actions against Southeast Asian crime organizations. Two Chinese managers, Huang Xingshan and Jiang Wenjie, who worked at the "Shun Da Fraud Center" in Myanmar, have been charged with forcing trafficked workers to engage in cryptocurrency investment scams and have been arrested in Thailand. Additionally, a Telegram channel with over 6,000 followers, used to lure individuals to Cambodian scam centers for forced labor, has been shut down, along with 503 scam domains disguised as legitimate investment platforms. Financially, the task force has frozen over $701 million in cryptocurrency suspected of being linked to fraud and money laundering, and through "Operation Level Up," has notified 8,935 victims, estimating potential recoveries of about $563 million. Furthermore, the U.S. State Department announced a reward of up to $10 million for information related to the "Tai Chang Fraud Center" in Myanmar, while the Treasury Department has simultaneously imposed sanctions on related individuals and entities in Cambodia. According to FBI data, losses from cryptocurrency investment scams in the U.S. reached $7.2 billion in 2025, a 24% increase from 2024.

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