Quote from: Ziskinberg on September 13, 2024, 08:48:19 AM

Another news again about crypto scams or fraud. According to the report:

US Treasury Sanctions Cambodian Tycoon Over Crypto Fraud and Trafficking Links

I’ll just take the key notes from the news, something like this.

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In many cases, this involves convincing victims to invest in virtual currency, or in some cases, over-the-counter foreign exchange schemes, all with the intent of defrauding them of their funds. These scams are largely perpetrated by criminal organizations based in Southeast Asia.

There are still many who fall for these kinds of scams, it really comes down to a lack of knowledge. As they say, it's just easy money or HYIP. Even though regulations are getting tighter, some still manage to slip through, and most of these scams happen in poor countries.

And here's more.

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The U.S. Department of the Treasury announced on Thursday that it is sanctioning a “Cambodian tycoon and businesses linked to human trafficking and forced labor in furtherance of cyber and virtual currency scams.” Cambodian businessman Ly Yong Phat, his conglomerate L.Y.P. Group, and several properties, including O-Smach Resort, have been linked to extensive human rights abuses involving trafficked workers forced into labor for online scam centers focused on cryptocurrency fraud.

Maybe these people were probably offered a different job at first, but when they got to the actual work, it turned out to be a scam. They probably can’t leave anymore because there’s a big syndicate behind it. The pattern seems familiar, kind of like the scenario with POGO here in the Philippines.

This is very alarming i hope that the government will take some actions against this kind of scam specially when it is backed by a big syndicate, many innocent people will suffer if this will continue. I believe that there a lot of scam like this in the Philippines i hear it in the news that there are pogo hub there and even some government officials are involved.