The US Treasury Department is increasing its efforts against extensive fraud networks in Southeast Asia, targeting individuals and entities involved in crypto scams that have drained billions from Americans. Under Secretary Scott Bessent, the campaign has rapidly evolved into a historically aggressive anti-fraud initiative.
In 2024, Americans lost at least $10 billion to these scams, a staggering 66% rise from the previous year, with total losses exceeding $16.6 billion in recent years.
The Treasury's Office of Foreign Assets Control has enacted multiple sanctions, expanding its reach each time. Notable targets include operations in Burma associated with the Karen National Army and the Prince Group Transnational Criminal Organization in Cambodia, which alone was linked to billions in illicit financial flows.
Most recently, on April 23, 2026, sanctions included Cambodian Senator Kok An, resulting in $700 million in restrained digital assets and the seizure of 503 scam domains. These initiatives signify a coordinated effort by the interagency Scam Center Strike Force, combining asset restraints, domain seizures, and criminal charges.
The scams, often termed “pig butchering,” involve scammers building relationships over time before directing victims towards fraudulent investment platforms. Compounding the issue, many scam centers are reported to utilize forced labor and human trafficking.
Bessent emphasizes that combating scams remains a priority, with the 66% increase in losses indicating a rapid scaling of such networks, and remains skeptical about local laws, particularly in Cambodia, where enforcement appears inconsistent.