US Seizes Scam Domain, Halts Crypto Fraud

U.S. Agents Seize Scam Domain, Disrupt Crypto Fraud Operations in Southeast AsiaU.S. agents have seized a web domain connected to a large scam operation in Burma, marking a significant step in disrupting widespread fraud networks across Southeast Asia. The domain, tickmilleas.com, was used to deceive people into believing it was a legitimate trading platform, displaying fake balances and promising high returns to lure victims into depositing money.In related news, a financial company in Cambodia, Huione Group, has shut down its branches and halted withdrawals following pressure from U.S. and U.K. regulators. The Burma scam compound is linked to groups sanctioned last month for their ties to organized crime and involvement in building scam centers in the region.These scams typically begin with strangers reaching out on dating apps, social media, or text messages, building trust with victims before convincing them to invest in cryptocurrency using fake websites and apps. The FBI has already identified several victims who lost money through the seized domain, which was registered in early November.Officials report that these compound scams involve large buildings where people are forced to carry out online fraud, often under the guise of good jobs overseas. Last year alone, over forty-one thousand cases of cryptocurrency investment fraud were reported, resulting in losses totaling nearly six billion dollars.The seizure of the domain and actions against Huione Group demonstrate the expanding efforts of U.S. agencies to combat these crypto schemes, ultimately aiming to protect people from losing their investments.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.