A company in Myanmar defrauded over 100 million dollars in less than two years and used USDT to transfer funds

ChainCatcher news, Wu said in a report, according to FT, blockchain analysis company Chainalysis and the U.S. anti-slavery organization International Justice Mission have analyzed that a company operating in Myanmar has defrauded victims of over $100 million in less than two years.

Chainalysis stated that, based on its tracking of USDT, these assets were used to transfer funds from "pig butchering" victims. Its analysis indicated that USDT was also used to make payments to a company located in an area known as KK Park in eastern Myanmar, with funds coming from the families of trafficked workers, who were allegedly forced to pay ransoms for their release.