U. S. Unites Forces to Fight Global Crypto Scams

The U.S. is intensifying its efforts to combat crypto scams with the launch of a new team, the Scam Center Strike Force. This coalition includes the DOJ, FBI, Secret Service, and other agencies, aiming to dismantle frauds that siphon billions from victims.

Pig Butchering Scams

These scams, known as "pig butchering," involve scammers gaining victims' trust before stealing their money. The U.S. alleges these scams are often tied to organized crime networks in China. The team has already seized $400 million in crypto and plans to return $80 million to victims.

Mission Objectives

The Strike Force aims to:

• Identify and charge the leaders of these scams.
• Seize stolen funds.
• Shut down the infrastructure used for these crimes.

This initiative is part of a broader effort to enhance the safety of crypto transactions.

Action Against Militant Group in Burma

The U.S. is also targeting a militant group in Burma that operates a cyber scam compound. This group forces victims into human trafficking to work in these scams. The Treasury Department has imposed sanctions on this group and related companies.

Criticism and Progress

Experts have long criticized the U.S. for lacking a coordinated approach to these scams. The new team marks a step towards unified action. Last month, the DOJ seized $14 billion in Bitcoin from a scam network based in Cambodia, demonstrating the potential impact of coordinated efforts.