U.S. Sanctions Cambodian Senator Ly Yong Phat for Crypto Scams
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Cambodian Senator Ly Yong Phat on September 12 for running crypto scam centers using trafficked workers.
Investigations revealed that he trafficked people from different regions to force them into fraudulent operations.
The OFAC’s press release disclosed that Ly Yong Phat, his conglomerate L.Y.P. Group Co., LTD, and O-Smach Resort have been deeply involved in exploiting trafficked workers for forced labor in crypto scam centers.
.@USTreasury’s Office of Foreign Assets Control is sanctioned Cambodian businessman Ly Yong Phat, his conglomerate L.Y.P. Group, and O-Smach Resort for their role in using trafficked labor in online scam centers. https://t.co/EMTdDEynUB
Over the past two years, Phat and his entities have been linked to severe human rights abuses.
O-Smach Resort, owned by L.Y.P. Group, has been central to these abuses, with reports indicating that workers were lured to the resort under false pretenses.
Upon arrival, their phones and passports were seized, and they were forced to participate in crypto scam operations.
Victims reported physical abuse, including beatings and electric shocks, as well as extortion and threats. Further investigation revealed reports of victims jumping to their deaths from buildings within the resort.
In response to these findings, authorities have taken further action against Phat’s network.
The OFAC’s sanctions also extend to additional Cambodian properties tied to Ly Yong Phat, including Garden City Hotel, Koh Kong Resort, and
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