Crypto Scams Expose Human Trafficking Ring in Cambodia
Investigating crypto scams around Tether’s stablecoin, journalist Zeke Faux uncovers a large human trafficking ring in Cambodia. Crypto scams and exchange hacks are becoming almost a regular occurrence in the digital assets space. But a recent revelation from Bloomberg’s investigative reporter Zeke Faux shows how crypto is being used as a fishing hook to run more sophisticated and larger criminal activities – in this case – human trafficking.
A Twisted Web Uncovered
Faux’s journey began with a seemingly innocuous text message from a woman named Vicky Ho. Claiming to be a divorced woman running a chain of nail salons in New York, Vicky engaged Faux in conversation before eventually steering it toward cryptocurrency investments. Suspecting a scam, Faux played along to gather more information. Vicky introduced him to a crypto-exchange app called ZBXS and instructed him to deposit Tether to start trading.
The Shocking Discovery
Faux’s initial probe aimed to understand the legitimacy of Tether’s stablecoin USDT. However, his investigation took a grim turn when he discovered a human trafficking ring operating out of Cambodia. The scam, known as “pig butchering,” was not just a financial fraud but a front for a more sinister operation orchestrated by Chinese gangsters based in Cambodia and Myanmar.
A Disturbing Reality
These criminal operations were housed in large compounds like “Chinatown” in Sihanoukville, Cambodia. Thousands of captive workers were forced into running scams like the one Vicky was involved in. Some workers reported being forcibly injected with methamphetamine to increase productivity. Reports suggest that over 200,000 people across Cambodia and Myanmar are victims of similar scams, highlighting the extent of this human trafficking network.
Hot Take: Crypto Scams Unmasking Dark Realities
The prevalence of crypto scams has shed light on the dark underbelly of criminal activities, including human trafficking. The story of Zeke Faux’s investigation serves as a stark reminder that the allure of quick riches in the crypto world can be a dangerous trap for unsuspecting individuals. It also highlights the need for greater regulation and scrutiny within the cryptocurrency space to prevent such illicit activities from thriving. As you navigate the crypto landscape, it’s crucial to remain vigilant and skeptical of any investment opportunities that seem too good to be true.
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