U. S. Unites Forces to Fight Global Crypto Scams

The U. S. is stepping up its game against crypto scams. A new team, called the Scam Center Strike Force, is joining forces to take down these frauds. This team includes the DOJ, FBI, Secret Service, and others. They aim to stop scams that trick people out of billions of dollars. These scams, known as "pig butchering, " involve scammers building trust with victims before stealing their money. The U. S. says these scams are often linked to organized crime networks in China. They've already seized $400 million in crypto and plan to return $80 million to victims. The team's goal is to find and charge the leaders of these scams, seize stolen funds, and shut down the infrastructure used for these crimes. This initiative is part of a broader effort to make crypto transactions safer for everyone. The U. S. is also taking action against a militant group in Burma that runs a cyber scam compound. This group forces victims into human trafficking to work in these scams. The Treasury Department has imposed sanctions on this group and related companies. Experts have long criticized the U. S. for not having a coordinated approach to these scams. This new team is a step towards a more unified effort. Last month, the DOJ seized $14 billion in Bitcoin from a scam network based in Cambodia, showing what coordinated action can achieve.