US sanctions Cambodian crypto fraud network after $10bn scam toll

According to the Office of Foreign Assets Control (OFAC), a Cambodian network accused of orchestrating large-scale cryptocurrency fraud has been hit with US sanctions targeting senior figures and associated entities. The sanctions name Senator Kok An among 29 individuals and organisations allegedly involved in schemes that defrauded American victims of millions of dollars, with operations centred on scam compounds across Cambodia that are embedded within casinos and commercial buildings.

Victims are said to be approached through social engineering, including romance-based outreach and fraudulent investment offers, before being persuaded to transfer digital assets to platforms controlled by attackers[.]US government estimates indicate that at least $10bn was lost by Americans to scams based in Southeast Asia in 2024, with individual losses reaching millions in some cases.

The actions were coordinated with the DoJ, the FBI and the USSS, and include seizures of 503 domains linked to fraudulent crypto platforms, disruption of a messaging app used to recruit trafficking victims, and criminal charges against operators in Burma and Cambodia. The network is reportedly linked to human trafficking, with sites tied to casino operations that help process illicit funds and enable abuse.