US Treasury sanctions Myanmar militia group for alleged crypto scams
The U.S. Department of the Treasury has sanctioned the Karen National Army (KNA), a militia in Myanmar, for involvement in crypto-related scams and other criminal activities. The KNA is accused of orchestrating various scams, including the "pig butchering" scam, which deceives victims into investing in fraudulent crypto schemes. Americans have reportedly lost billions to such scams, with the FBI noting a $9.3 billion loss in 2024, a 66% increase from 2023. Victims over 60 years old accounted for $2.8 billion of these losses. The KNA also allegedly engages in human trafficking and cross-border smuggling. The Treasury's Office of Foreign Assets Control has previously sanctioned various crypto offenders, including terrorist groups and cybercrime units.
