A recently published crime report in a local Cambodian newspaper reveals the details of an unlikely cryptocurrency scam. The website of the media outlet reveals that crypto scammers are involved in serious crimes like human trafficking. Cambodia is a South Asian country neighboring Vietnam and Thailand. The country has one of the worst law and order conditions in the region.
As per the new data collected by Statista, the practice of using cryptocurrencies is higher in South Asian countries in comparison to the rest of the world. For the poverty-stricken masses of the region, crypto markets are a way for getting rich quickly. Such a cultural notion and lack of facilities make the local citizen more susceptible to crypto-related scams and crimes.
Crypto Scammers are Trying to Lure Men and Women into Human Trafficking Ring
As per the Cambodian police, there is a syndicate of cryptocurrency scammers that has been luring victims of human trafficking. The police recently made a raid in an area called the China Project and rescued two hostages that were up for sale by the criminals. The scammers can get the attention of young men and women who are interested in making money with the help of crypto trading.
These scammers use social media and small criminal networks to communicate fake and baseless get-rich-quick schemes to the locals. Since the majority of the users who are interested in crypto trading hail from the younger generation, they fall prey to these scams based on their inexperience and lack of education.
The digital asset scammers ask inexperienced and naive investors to put their money into made-up crypto investment options. They tell them that their money has been lost and encourage them to try again by taking out loans. When the young victims end up losing the money that has been borrowed, they have no means to return their debts.
The scammers trap them into menial labor and other illicit activities and sell them like merchandise. According to the police, the most targeted currency is Bitcoin due to its wide popularity. Crypto Head claims that Cambodia is the 6th country in the world in terms of crypto-related scams and fraud schemes. Furthermore, the high concentration of corruption among institutions encourages the threat actors to operate without any fear of consequences.