$100 Million Cryptocurrency Scheme Uncovered in Myanmar – What’s Going On?
Chainalysis has unveiled a new case of fraud involving a single company operating from a compound in Myanmar, which swindled a sum of over $100 million from victims in less than two years.
The firm, in collaboration with the US anti-slavery group International Justice Mission, conducted an analysis that traced digital coins issued by Tether, one of the world’s largest cryptocurrency platforms, used in what are known as “pig butchering” scams.
According to Chainalysis, Tether tokens were also employed to make payments to a company located in a compound called KK Park in eastern Myanmar.
These payments were made by families of trafficked workers who had been forced to pay ransoms for their release.
The analysis further revealed that a single Chinese company managed to accumulate over $100 million in cryptocurrency within just two digital wallets.
Tether’s tokens, designed to track the value of the US dollar, have previously been utilized by criminal groups as a cross-border payment tool.
Jackie Koven, head of cyber threat intelligence at Chainalysis, expressed that this case exemplifies a larger trend of criminal activity involving digital assets.
Despite the traceability of Tether tokens, criminals continue to use them, which is a concerning development.
To protect the victims of human trafficking who were working at the Chinese company involved in the scams, Chainalysis and International Justice Mission decided not to disclose the company’s identity.
Former workers who participated in pig butchering scams provided information to International Justice Mission regarding the two crypto wallets used by the company to receive illicit funds.
KK Park, located near Myanmar’s border with Thailand, is believed
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