TechFlow News, April 24: According to an official announcement by the U.S. Department of Justice (DOJ), the DOJ’s “Fraud Task Force” announced a coordinated series of actions against a Southeast Asian criminal organization on April 23. Specifically, two Chinese nationals—Huang Xingshan and Jiang Wenjie—who served as managers at the “Shunda Fraud Center” in Myanmar, have been indicted for allegedly forcing trafficked laborers to engage in cryptocurrency investment fraud; both individuals have been arrested in Thailand. Additionally, a Telegram channel with over 6,000 subscribers—used to lure victims to forced-labor fraud centers in Cambodia—has been seized, along with 503 fraudulent domains masquerading as legitimate investment platforms.
On the financial front, the task force has frozen over $701 million in cryptocurrency linked to fraud-related money laundering. Through “Operation Level Up,” it has notified 8,935 victims, estimating that approximately $563 million in potential losses has been recovered. Furthermore, the U.S. Department of State has announced a reward of up to $10 million for information leading to the identification or location of individuals connected to the “Taichang Fraud Center” in Myanmar. Concurrently, the U.S. Department of the Treasury has imposed sanctions on individuals and entities in Cambodia linked to these activities. According to FBI data, U.S. losses from cryptocurrency investment fraud reached $7.2 billion in 2025—a 24% increase over 2024.
