According to Cointelegraph, the U.S. Treasury Department has sanctioned the Karen National Army (KNA), a Myanmar armed group, accusing it of participating in crypto scams and other criminal activities. KNA was identified as a transnational criminal organization, and its leader Saw Chit Thu and his two sons Saw Htoo Eh Moo and Saw Chit Chit were sanctioned for assisting in cyber fraud, human trafficking and cross-border smuggling.
The U.S. Treasury Department’s statement said the KNA operated in southeastern Myanmar near the Thai border and was involved in a “pig slaughter” scam that tricked victims into investing in fake crypto projects. Americans have lost billions of dollars to Myanmar scams.
According to FBI data, Americans lost $9.3 billion to crypto scams in 2024, an increase of about 66% from 2023. People over 60 lost $2.8 billion. TRM Labs said that the "pig slaughter" scam in 2023 resulted in more than $4.4 billion being stolen.