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US Treasury Finally Does Something Right: Sanctions Crooked Crypto Kingpin Who Was Exploiting Poor People

Crypto NewsRegulation/Negotiation Sam Rogers September 16, 2024

An illustration of a darkened Cambodian landscape with crumbling buildings in the background, while in the foreground a group of workers are shown being led away by chains from an abandoned online scam center, amidst scattered cryptocurrency coins and broken computers.

The US Treasury is at it again, slapping sanctions on some Cambodian tycoon for his role in cryptocurrency scams that involve human trafficking and forced labor. Because what’s a better way to get rich quick than by exploiting vulnerable people? Ly Yong Phat and his businesses have been linked to the exploitation of trafficked workers who were forced into labor at online scam centers, all while convincing victims to invest in virtual currency under false pretenses. It seems like these scams are just another example of how cryptocurrency is a haven for criminals looking to make a quick buck off gullible idiots.

Source: bitcoin.com

US Treasury Sanctions Cambodian Tycoon Over Crypto Fraud and Trafficking Links
https://news.bitcoin.com/us-treasury-sanctions-cambodian-tycoon-over-crypto-fraud-and-trafficking-links
The U.S. Department of the Treasury has imposed sanctions on Cambodian tycoon Ly Yong Phat and his businesses, linking them to human trafficking and forced labor scams involving cryptocurrency fraud. Victims were manipulated into online scam centers, and trafficked workers were forced into labor for these schemes. The sanctions freeze U.S.-based assets and prohibit transactions, aiming to hold perpetrators accountable for these abuses. The U.S. Department of the Treasury announced […]

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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