Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
US and UK Launch Joint Operation Targeting $16,600,000,000 Cybercriminal Network

US and UK Launch Joint Operation Targeting $16,600,000,000 Cybercriminal Network

Daily HodlDaily Hodl2025/10/15 16:00
By:by Rhodilee Jean Dolor

The US and the UK are taking action against cybercriminals in Southeast Asia involved in online investment scams and the laundering of billions of dollars in stolen funds.

The U.S. Treasury Department says the agency’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) are working with the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO) amid rising cases of fraudulent online transactions that have caused over $16.6 billion in losses.

The OFAC has imposed sanctions on individuals and entities with ties to the Cambodia-based Prince Group Transnational Criminal Organization (Prince Group TCO), which authorities say engages in deceptive online investment schemes and pig butchering operations that rely on human trafficking and modern-day slavery.

“Prince Group TCO profits from a litany of transnational crimes including sextortion—a type of fraud involving the solicitation for eventual blackmail of sexually explicit materials, often from minors—money laundering, various frauds and rackets, corruption, illegal online gambling, and the industrial-scale trafficking, torture, and extortion of enslaved workers in furtherance of the operation of at least ten scam compounds in Cambodia.”

The UK’s FCDO concurrently sanctioned the Prince Group-affiliated conglomerate Prince Holding Group along with its chairman and CEO Chen Zhi, who was also indicted in the U.S. District Court for the Eastern District of New York.

Meanwhile, the FinCEN initiated to cut off from the US financial system the Huione Group, another Cambodia-based organization accused of laundering the proceeds of virtual currency scams and heists on behalf of malicious actors, which include thieves from the People’s Republic of Korea (DPRK) and TCOs in Southeast Asia.

Says Secretary of the Treasury Scott Bessent,

“Treasury is taking action to protect Americans by cracking down on foreign scammers. Working in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.”

Generated Image: Midjourney

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

XRP News Today: "Major Institutions Accelerate XRP Integration as Cryptocurrency Sector Reaches New Level of Maturity"

- 21Shares launches U.S. spot XRP ETF TOXR on Dec 1, 2025, tracking $666.61M in inflows as institutional demand surges. - SEC-approved ETF holds physical XRP in Anchorage/BitGo custody, mirroring Bitcoin/ETH ETF structures with 0.25-0.40% expense ratio expectations. - XRP ETFs gained $643.92M in debut month, driven by Grayscale, Franklin Templeton, and $243M peak inflows, reducing exchange liquidity. - Institutional adoption boosts XRP's 12% weekly price rise, with analysts expecting stabilized liquidity a

Bitget-RWA2025/11/29 17:28
XRP News Today: "Major Institutions Accelerate XRP Integration as Cryptocurrency Sector Reaches New Level of Maturity"

XRP News Today: ETF Investments Drive XRP Closer to $2.60 Amid Rising Mainstream Acceptance

- Google Gemini forecasts XRP hitting $2.60, driven by 12 new U.S. XRP ETFs boosting institutional/retail demand. - ETF inflows ($422M) and $2.25 price rebound reverse 15% monthly decline, signaling renewed technical optimism. - August 2025 court ruling cleared XRP's secondary sales as non-securities, enabling broader institutional adoption. - XRP's 4B+ transactions and ETF-driven inflows highlight its transition from speculative asset to regulated financial product. - $2.60 target aligns with historical s

Bitget-RWA2025/11/29 17:28
XRP News Today: ETF Investments Drive XRP Closer to $2.60 Amid Rising Mainstream Acceptance

XRP News Today: XRP's ETF-Fueled Surge Faces Technical Challenges—Will Bulls Defend the $2.20 Mark?

- XRP's market structure shows strengthening signs ahead of multiple ETF launches, with Grayscale's GXRP and Franklin Templeton's XRPZ driving $422.64M in inflows despite broader crypto selloff. - Price dipped below $2.20 amid $164M ETF launch due to whale selling and derivatives liquidations, raising questions about Times Square marketing timing during the slump. - Technical analysis highlights critical $2.20 support level and resistance at $2.24–$3.00, with bulls needing to stabilize open interest and ov

Bitget-RWA2025/11/29 17:28
XRP News Today: XRP's ETF-Fueled Surge Faces Technical Challenges—Will Bulls Defend the $2.20 Mark?

Japan’s Declining Yen and U.S. Funding Pressures Trigger Worldwide Liquidity Crunch

- Robert Kiyosaki warns of an impending market crash amid global economic uncertainty, emphasizing Bitcoin as an inflation hedge. - Japan's fiscal stimulus and yen weakness trigger liquidity strains, disrupting global carry trades and accelerating portfolio rebalancing. - U.S. funding strains, including repo market stress and Treasury leverage, threaten dollar liquidity, limiting the Fed's policy flexibility. - Combined pressures depress stocks, crypto, and forex, but Fed intervention could stabilize marke

Bitget-RWA2025/11/29 17:08
Japan’s Declining Yen and U.S. Funding Pressures Trigger Worldwide Liquidity Crunch