Overview
The U.S. Treasury Department sanctioned Cambodian Senator Kok An and 28 entities associated with him on Thursday, according to the Treasury’s Office of Foreign Assets Control (OFAC). The action targets what officials describe as a massive crypto scam operation in Southeast Asia.
The Targets and Allegations
Senator Kok An is described as one of Cambodia’s richest and best-connected individuals, with ownership of resorts and casinos. OFAC accused him of converting many of these venues into crypto scam centers operated by criminal organizations and populated by human trafficking victims.
According to OFAC, the casinos and those of his associates have been used to launder proceeds from scam operations. In these centers, trafficking victims are forced to contact unsuspecting individuals worldwide—including Americans—posing as potential romantic interests and convincing targets to send money to fake crypto trading platforms.
Official Statement
Treasury Secretary Scott Bessent stated: “Treasury will continue to target fraudsters and scam centers that steal billions of dollars from hardworking Americans, no matter where they operate or how well-connected they are.”
Scope of Sanctions
The individuals and entities sanctioned include several casinos, casino operators, banks, and investment firms with ties to Kok An’s alleged crypto scam network.
Coordination with Federal Task Force
The sanctions were taken in coordination with the Scam Center Strike Force, a multi-agency federal government initiative designed to target crypto scam operations. Alongside the OFAC sanctions, the Strike Force announced charges against two individuals accused of running a crypto scam operation in Burma and attempting to open another in Cambodia.
According to the Strike Force, current enforcement efforts are focused on targeting actors in Southeast Asia, described as a hotbed of crypto scams—particularly in Burma, Cambodia, and Laos.
Related Actions
On the same day, stablecoin giant Tether announced it froze approximately $344 million worth of its flagship USDT token tied to illicit activity, in an action coordinated with OFAC. The Treasury Department did not provide immediate comment on whether the seizure was related to the new OFAC sanctions.
Historical Context
Last fall, the U.S. government announced it seized approximately $14 billion worth of Bitcoin from a Cambodia-based crypto scam operation, described as the largest asset seizure in the history of the Department of Justice.
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