According to Cointelegraph, the U.S. Treasury has sanctioned the Karen National Army (KNA), a Myanmar armed group, accusing it of involvement in cryptocurrency fraud and other criminal activities. The KNA has been identified as a transnational criminal organization, with its leader Saw Chit Thu and his two sons Saw Htoo Eh Moo and Saw Chit Chit sanctioned for assisting in online fraud, human trafficking, and cross-border smuggling.
The U.S. Treasury's statement noted that the KNA operates in southeastern Myanmar near the Thai border, involved in the 'Pig Butchering' scam, tricking victims into investing in fake cryptocurrency projects. Americans have lost billions of dollars due to Myanmar fraud.
According to FBI data, Americans lost $9.3 billion to cryptocurrency fraud in 2024, an increase of about 66% compared to 2023. The group aged 60 and over lost $2.8 billion. TRM Labs reports that the 'Pig Butchering' scam resulted in over $4.4 billion stolen in 2023.