India Repatriates 250 From Cambodia Amid $100M Crypto Scam Crisis

April 2, 2024
India Repatriates 250 From Cambodia Amid $100M Crypto Scam Crisis
  • The Indian government has successfully rescued and repatriated 250 of its citizens from Cambodia who were victims of forced 'cyber slavery'.

  • An estimated 5,000 Indians were compelled by criminal networks to conduct cyber scams targeting individuals in India.

  • Scammers used fake identities to deceive victims into investing in nonexistent cryptocurrency ventures, leading to significant financial losses.

  • One criminal group's crypto wallets saw inflows nearing $100 million, which included ransom payments for the release of trafficked individuals.

  • Cybercriminals are exploiting the CREATE2 function in Ethereum to execute unauthorized transactions and siphon off funds.

  • Similar incidents have been reported in other Southeast Asian countries, such as the Philippines and Myanmar, indicating a regional pattern of cyber exploitation.

  • The growing issue has raised alarm and prompted increased efforts to combat the trend and safeguard vulnerable populations.

Summary based on 3 sources

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