US Treasury Freezes Assets of Cambodian Businessman Accused of Cryptocurrency Fraud
CryptoNewsTerminal Staff12 Sep, 2024
US Treasury Freezes Assets of Cambodian Businessman Accused of Cryptocurrency Fraud
The US Treasury has sanctioned a Cambodian businessman for alleged cryptocurrency fraud, freezing his assets in the United States. The businessman, Ly Yong Phat, has been accused of luring people to invest in cryptocurrency and other ventures with the promise of high returns, then running off with their funds. Treasury officials said that Phat's company, L.Y.P. Group, has been involved in several cryptocurrency scams, including one that raised more than $10 million from investors. The Treasury Department said that Phat's actions have "undermined the integrity of the financial system and damaged the reputation of the cryptocurrency industry." The sanctions freeze all of Phat's assets in the United States and prohibit him from doing business with any U.S. person or company. Phat is the first Cambodian businessman to be sanctioned by the US Treasury for cryptocurrency fraud. The sanctions are a sign that the US government is taking a more aggressive approach to combating cryptocurrency fraud.
