TechFlow news — According to Bitcoin.com, the U.S. Department of the Treasury has imposed sanctions on Cambodian tycoon Ly Yong Phat and his companies, accusing them of involvement in human trafficking and forced labor linked to cryptocurrency scams. The sanctions freeze any assets Ly Yong Phat and his companies may have in the United States and prohibit U.S. citizens from engaging in related transactions.
Ly Yong Phat and his companies are accused of luring victims into scam centers and forcing workers to participate in cryptocurrency fraud. The Treasury emphasized that the action aims to hold accountable criminals involved in human rights abuses and fraudulent activities. These sanctions were issued under Executive Order 13818, which expands the Global Magnitsky Human Rights Accountability Act.
