News

According to Jinse Finance, the official website of the U.S. Department of the Treasury shows that the Office of Foreign Assets Control (OFAC) has imposed sanctions on a vast network of scam centers in Southeast Asia, which use forced labor and violence to steal billions of dollars from Americans. The targets of these sanctions include nine entities located in Shwe Kokko Valley, Myanmar, a notorious center for virtual currency investment scams, protected by the OFAC-designated Karen National Army (KNA); in addition, ten targets are located in Cambodia. Today’s sanctions by the Treasury Department target a major scam center sheltered by the Karen National Army (KNA) in Myanmar. The KNA is headquartered in Shwe Kokko, Myawaddy Township, Karen State, southeastern Myanmar, near the Thai border. Through cooperation with the Myanmar military, the KNA controls territory in eastern Karen State. KNA leaders profit from transnational criminal activities, including operating online scam centers using trafficked labor and selling utilities that provide energy for these scam operations.

ChainCatcher news, according to businesswire, digital asset infrastructure provider Tetra Digital Group has announced the completion of a $10 million funding round, with participation from Urbana Corporation, Wealthsimple, Purpose Unlimited, Shakepay, ATB Financial, National Bank, and Shopify. The new funds are intended to support the launch of a Canadian fiat-backed stablecoin. It is reported that the Tetra stablecoin will leverage Tetra Digital Group's institutional-grade custody infrastructure to provide businesses and consumers with a stable, secure, and fully compliant digital currency, backed 1:1 by Canadian dollar reserves.